High street billionaire Philip Green is "backing a new football-based social media network that has signed up top European clubs including AC Milan, Barcelona, Bayern Munich and Liverpool," according to Mark Kleinman of SKY NEWS. Green's family "has taken a minority shareholding in Dugout." The new venture "plans to launch later this year and has ambitious plans" to become "the dedicated football vertical destination for the 3bn-plus football followers around the globe," according to a document circulated among the founding clubs. One club exec said that the aim was to make the vehicle a "Facebook for football fans." The sum of money invested by Green's family in Dugout's launch "was unclear" on Sunday, although it is understood that the participating clubs "will collectively own a majority of the shares." Green "declined to comment" on his involvement in Dugout, but the document seen by clubs "lists him as the company's chairman." Internal projections suggest that Dugout could generate revenues of more than $75M and profits of more than $30M "by the end of its second year of operations." Other founding members are Arsenal, Chelsea, Juventus, Man City and Paris St. Germain, "while discussions are understood to have also taken place with the likes of Real Madrid" (SKY NEWS, 7/10).
