Newcastle, Cardiff City Consider Launching Cryptocurrencies

Cardiff City was promoted to the EPL for this season.GETTY IMAGES

Premier League clubs Newcastle United and Cardiff City "are considering launching their own cryptocurrencies to raise funds to boost their hopes" of EPL survival, according to Matt Hughes of the LONDON TIMES. Both clubs are involved in talks with SportyCo, a micro-financing and crowdfunding company, about holding an initial coin offering which would enable fans or investors to "buy the new currency in the form of tokens in the hope of securing a future return," as well as provide additional revenue. Brasileiro Série B team Avaí last week became the first club to launch its own cryptocurrency in a deal brokered by SportyCo and sports investment company Blackbridge. Avaí is aiming to raise $20M next month through a sale of tokens, which investors "will be able to trade to buy tickets and club merchandise." Paris St. Germain "also announced similar plans." Premier League clubs "will monitor the results with interest" (LONDON TIMES, 9/15).