With an increase in football teams and individual players taking up crypto-related products, two more clubs have picked up this current trend.
Two teams, Brazilian Avaí Futebol and top French club Paris Saint-Germain have both recently announced their own crypto token sales.
Avai Futebol Clube, currently languishing in Brazils Series B second tier, has announced plans for a USD 20 million ICO to develop a fanbase digital ecosystem in order to gain promotion to the higher Series A division. With promotion, the club would then be able to compete in the prestigious Copa Libertadores and make much-needed infrastructure modifications.
The club plans to work with SportyCo and Blackbridge Sports to sell 20.46 million tokens at USD 1 each and retain another 7% of the issue. Avaí president Francisco José Battistotti suggests that the ICO is part of a real push to get promotion and spread the club’s fanbase to a wider audience:
“With our ICO, we are actively… engaging all Avaí FC in Florianópolis and Brazil, working together towards our goal – to become a stable member of Brazil’s Série A and qualify for the Copa Libertadores… paving the way for other clubs all over the world to approach financing their sporting activities in this novel way.”
The club has set a minimum target of USD 8 million with its eyes set on a USD 20 million fundraising round, although the management suggests that funds will be returned to investors should it not make the lower figure.
The announcement follows French football giants Paris Saint-Germain’s own statement earlier this week that it was planning to form a partnership with Malta-based blockchain company Socios.com to issue its own cryptocurrency. PSG have become the most famous club in French history having won a total of 38 trophies at the top level, including the EUFA Cup.
The Fan Token Offering (FTO) will allow fans with PSG tokens to vote on “cosmetic” club issues, such as awarding player prizes, choosing friendlies and choosing strip colours.
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