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Crypto Firm SportyCo Assigns $58.9 to Buy Hull City Football Club

Redwan Eid | Oct. 9, 2018
Crypto Firm SportyCo Assigns $58.9 to Buy Hull City Football Club

Paul Duffen- former chairman of Hull City AFC, announced last weekend about his intention to buy the club, according to CCN.

The step comes reportedly supported by Saudi Arabian private investors.

It is mentioned that during his leadership of the Hull City AFC, Duffen led the Yorkshire-based championship football team to its first Premier League, before he resigned in 2009, leaving the club in financial predicament.

With new players entering the game – the Hull City Supporters Trust (HCST) and SportyCo, a cryptocurrency crowdfunding platform operating on blockchain technology, SportyCo allows investors to crowdfund for and invest in athletes, covering training costs and maintenance, for dividends based on athlete success in return.

SportyCo – being backed by the local HCST as well as a consortium of US and UK investors, are preparing a £45 million ($58.9 million USD) bid to buy the club.

Fans Included into the Ownership Structure of the Club

According to Hull Daily Mail, “if SportyCo wins the bid, fans will be included into the ownership structure of the club, and as such will be able to work with the consortium on team matters.”

It is mentioned that Hull City is currently in the English Football League Championship, which is the highest division of the English football league, and the second highest overall in English football after the Premier League.

“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.”, HCST chairman Geoff Bielby stated, amid reports about SportyCo’s CEO Marko Filej meeting the owners of the club- Assem and Ehab Allam to start official negotiations.

In his turn, Hull City Daily Mail Sports Editor James Smailey commented that the negotiations with Paul Duffen’s investor group were at a more advanced stage, and that fans would have to wait until later this week for more information on the Allams’ decision.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.