- Institutional Investors from the US and the UK will be able to bid for the club through SportyCo.
- Fans of the club will also participate in the acquisition process.
- How much stake the Hull City Supporters Trust will own remains unclear for now.
SportyCo, a decentralised sports investment and blockchain-powered crowdfunding ecosystem is joining forces with the Hull City Supporters Trust to purchase the 114-year old football club for GBP 45 million ($58.76 million), reported Finance Magnates on October 9, 2018.
SportyCo (SPF) and Hull City Fans Bid GBP 45 Million for the Club
According to sources close to the matter, SportyCo (SPF) blockchain-based crowdfunding platform for the sports industry is facilitating the takeover of the Hull City football club.
Currently owned by Egyptian business magnate Assem Allam, a bid of GBP 45 million ($58 million) has been placed for the takeover by SportyCo, in collaboration with the Hull City Supporters Trust.
According to a local news source, Hull Daily Mail, institutional investors from the U.S and the United Kingdom will be able to participate in the bidding process.
That’s not all; the entire Hull City AFC fan base will also be able to contribute their quota to the investment funds needed to make the bid.
Chairman of the Hull City Supporters Trust, Geoff Bielby, reiterated that the combination of both institutional investors and the club’s fan base, for the acquisition of Hull City AFC is an excellent move in the right direction as it would enable both parties to achieve their goals of having a more successful football club.
“…This new and unique approach of combining institutional investors and the fan base will enable us both to achieve our goals, a successful and stable Hull City AFC that will be a joy to watch play,” Bielby declared.
At current, the exact amount that the Hull City Supporters Trust will contribute to the deal is still unclear, and as such, it remains to be seen whether the fans would have a significant say in the decision-making process of the club if the deal finally pulls through.
It’s worth noting that this is not the first time a blockchain startup is collaborating with a notable football team.
As reported by Blockchain Reporter on September 12, 2018, Socios blockchain project partnered with top French Football club, PSG to assist the team in launching own cryptocurrency for fan engagement and rewards.