According to a recent report in The Times newspaper, two teams from the English Premier League are considering launching their own cryptocurrencies through an ICO.
Newcastle United and Cardiff City are both said to be in talks with SportyCo, a micro-financing and crowdfunding company that could lead to them raising funds through the issuance of their own tokens and “…boost their hopes of Premier League survival.”
This is not the first cryptocurrency experience for either Newcastle or Cardiff as they have signed previous marketing partnerships with investment platform eToro last month, along with Tottenham Hotspur, Brighton & Hove Albion, Crystal Palace, Leicester City, and Southampton.
SPORTYCO’S GROWING FOOTBALL INFLUENCE
It appears SportyCo’s discussions for the Premier League club’s ICOs are well advanced as a later article by The Sun newspaper suggests “…the funds [will be] potentially available to be put to use in the January transfer window.”
The latest developments follow the decision of Brazil’s Avaí Football Club who this week announced they hope to raise around $20 million in a similar plan, also in association with SportyCo.
SportyCo, also sponsors of Spanish team RCD Espanyol, list Brazilian footballing legends Roberto Carlos and Ronaldinho as well as founding member of the Bitcoin Foundation, Charlie Shrem, as supporters of their project.
The company itself came to market at the end of last year in its own ICO, raising around $5 million for the sale of its SPF token.
Although news of the Premier League talks saw a modest jump in the price of the token to around $0.03, it is still at a considerable discount from the ICO price of $0.12 and a long way from the all time high of $0.70.