ICO In Portugal Football
Sporting Clube de Portugal, one of the three biggest clubs in the country, is considering Initial Coin Offering (ICO). The club struggles to raise funds and wants to do it in an alternative way.
As it turned out, the football industry is one of the first to implement the blockchain technology on a larger scale. In July, CoinDeal, a cryptocurrency exchange, signed a sponsorship deal with Wolverhampton Wanderers, the Premier League club.
The best solution to raise money
Sporting has a problem with raising money through a bond issue.
Local newspaper, Dinheiro Vivo reports that the club weighs on potentially launching Initial Coin Offering. According to the report, there is still nothing certain about it. However, the Sporting’s vice-president Francisco Salgado Zenha said:
“We are looking closely at an ICO. We’re having meetings about it. There is a great value potential in the Sporting brand.”
The club wants to take advantage of the new technology. The club hasn’t revealed yet, what it may be planning with the newly-raised funds.
Portuguese Securities Market Commission (CMVM) has asked the club to clarify “prior to any emission, the judicial nature of the tokens being issued.”
This statement is a significant upgrade from last year’s stance on this topic. The CMVM wasn’t so sure about new technology and it kept a close eye on every crypto-related project.
The whole case is very serious for Sporting. The Club has had a lot of problems recently. Earlier this year, the club’s staff and players were attacked by Sporting supporters. A few footballers left the club after that.
Sporting revealed that if raising funds through bonds issue and coin offering comes as a failure, the club may be forced to sell players.
Image by Sergii Nagornyi / shutterstock.com
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