Crypto Firm to Invest £45 Million in Hull City Football Club

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Hull City, the York Shire-based championship football team is about to change hands as international bidders through SportyCo make their interests known as what is being referred to as a takeover within the UK media.

Paul Duffen, the former chairman of Hull City, announced his intentions last week regarding the purchase of the club with the full backing of their Saudi Arabian investors. Duffen, who led Hull City to their first Premier League when he was chairman of the team, resigned in 2009 leaving the club in financial ruin.

Fortunately for the team, new supporters had entered the game like Hull City Supporters Trust (HCST) and SportyCo, a cryptocurrency crowd funding platform that fully operates on blockchain technology. SportyCo will allow investors to invest in athletes, thus paying for training, maintenance, and other dividends based on the athletes success.

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SportyCo, who’s also backed by the local HCST, as well as several groups of UK and US investors are preparing to invest £45 million ($58.9 million USD) in order to purchase the club. The Hull Daily reports that if SportyCo wins the bid, fans will be included as a part of the ownership structure of the club and will be able to work with the team on a variety of matters.

Hull City is in the English Football League Championship at the highest division of the English football league as well as the second-highest English Football Premier League.

The SportyCo CEO, Marko Filej met with a few owners of the club and sent official letters to formally begin negotiations between the HCST chairman Geoff Bielby.

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“We are 100% sure that 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. This model will surely be emulated by other clubs in the future and Hull City AFC fans are thrilled to be the trendsetters of how fans take a more active role in clubs they support.”

This is in the team’s first encounter with blockchain as in 2014 the Hull City Council launched what may have been the first local government cryptocurrency, Hullcoin. The coin was used as a means of rewarding volunteers who carried out daily tasks for Hull City, where residents could volunteer and be rewarded in cryptocurrency which could therefore be spent with local retailers.

This tech savvy city is known for being the UK’s only city with an independent telephone network and broadband service provider. Hull City sports editor James Smailey stated that the positive response from fans upon hearing the news that they could participate on the football board with SportyCo, was overwhelming. Smailey also pointed out that negotiations with the investor groups were a more advanced stage and fans would have to wait later in the week for more information regarding the team’s sponsorship.

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