Can Blockchain Crowdfunding Solve Football’s Financial Burden?

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Can Blockchain Crowdfunding Solve Football's Financial Burden?

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A day doesn’t seem to pass now without the announcement of a top-flight football club’s interest in a new blockchain or crypto project, or an endorsement by a high profile player, and now more are lining up with crowdfunding in mind.

The latest to join the “club” are two more English Premier League teams, newly-promoted Cardiff City and Newcastle United, the latter promoted a season earlier. Both teams are currently in conversations with blockchain-based crowdfunding platform SportyCo. The platform is gaining some prominence now since it formed with an aim to tackle the problem of funding training and international events, faced by many athletes.

Cardiff City, currently lying 17th in England’s top-flight league, were promoted from the Championship last season with high hopes to regain a permanent standing in one of the world’s most prestigious divisions. An ICO launch through SportyCo may be an approach they take in order to gain additional funds in order to strengthen their squad in order to compete at the elevated level. They currently have a debt burden of over USD 150 million.

Newcastle United is also suffering a shortage of funds under owner British billionaire retail entrepreneur Mike Ashley. Supporters are now asking “where has all the money gone?”, with the club being unable to account for GBP 200 million from gate and sponsorship money including some USD 125 million in prize money.

Brazilian football superstar Ronaldinho has already taken the blockchain route on a personal level with his RSC coin, and others have followed, including two Barcelona players Carles Puyol and Andres Iniesta, with a blockchain project which links players and fans.

It’s becoming clearer that there is plenty of scope for fans to form closer connections to their clubs through such projects via a rewards mechanism. For example, a practical system would reward investors as token holders with discounts for club-related purchases, such as season passes, tickets and items purchased through the club.

 

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