It is no secret that cryptocurrency is fast becoming a viable investment in today’s world. Everyone is taking advantage of this trend and moving with the train. Football clubs have now boarded this train and are making smart moves. You can now even stake on football betting odds using cryptocurrency on some betting platforms. Without much ado, let us dive into the crux of the matter.
Clubs that own Cryptocurrency
Some football clubs have taken the initiative. These clubs have financial experts that perpetually scour for avenues of boosting the economy of their clubs. They have discovered that one way is to engage their fan base by launching fan tokens or partnering with traditional crypto firms. Here are some of the clubs that own their cryptocurrency.
Manchester City FC
The recently crowned Premier League giants have been frequently labeled an “oil club”. This is due to their owners’ businesses in the Middle East. The Manchester-based club have launched a fan token called the $CITY. This was done in collaboration with crypto giants Chiliz. The crypto giants, who are also the owners of socios.com, have a similar arrangement with some other clubs.
However, the revenues generated from this venture will be shared between Manchester city and Chiliz. Stephan Cielpik, the SVP of the city football group, at the launch of the token stated that the token was launched to boost the club’s engagement with its fan base and generate a new stream of revenue.
Paris Saint Germain (PSG)
The Parisiens are the first football club to venture into cryptocurrency. The French giants who have dominated their local division, are looking to spread their tentacles on the crypto market. The French club signed the agreement to launch their digital token in 2018. The token, PSG fan Tokens, enables buyers and holders to access benefits and privileges from the club. It also enables fans the right to have a say in the club by voting and VIP promotions. This development was also very instrumental in PSG signing Argentine icon Lionel Messi.
The Argentine legend was signed on a sensational free transfer from FC Barcelona. Messi would earn over €100 millionthrough his 3-year deal. Most remarkable is that part of this figure will be paid to the player using the PSG fan token. The PSG fan token is already yielding great dividends for the club even without the Messi deal.
Juventus FC
The Turin based club is one of the clubs in the Italian Serie A to own a cryptocurrency token. The Juventus fan token was primarily created to increase fan representation. The Juventus fan token was launched in late 2019. The token is the first fan token from the socios platform. Though Paris Saint Germain is the first club to own its cryptocurrency, JUV is the first for the fans.
JUV (Juventus Fan token) is also available on the Binance platform (BSC). The Turin club initially distributed their token to a group of people through a fan token offering and then sold it to users. Juventus have enjoyed the ride since the launch of their maiden token. JUV is currently the fifth-largest fan token globally, and it has generated over 400% ROI since its inception.
The club’s hierarchy now views this crypto token as a major generating income stream and is exploring more ways to develop and expand it.
AC Milan FC
The Rossoneri, as they are fondly called, have also partnered with socios in establishing a crypto presence in sports. Unfortunately, the Italian based club was one of the several European clubs hit financially during the COVID pandemic. As a result, the chief revenue officer Stylsvig was tasked with seeking ways to mitigate the effect of the pandemic. However, it appears that he has found a way out for Milan. The Rossoneri, in January 2021, signed a partnership with Chiliz for the launch of her crypto fan token. This token is targeted at engaging her large fan base and boosting revenue streams.
Other Notable Mentions
Given the endless possibilities found in cryptocurrency, there is no doubt that lots of European super clubs are considering the idea. FC Barcelona had indicated her public interest in joining the likes of Paris Saint Germain, Manchester City, and Juventus in early March. The Catalan club’s president had previously announced that the club was in a financial crisis and might consider venturing into cryptocurrency.
Today, the FC Barcelona fan token is on the crypto market. English premier league giants like Arsenal and Manchester United are also newbies on the block. Manchester United has always prided herself in her commercial prowess, and this has helped their token blossom.
Final Thoughts
The world of sports is fast becoming commercialized. As a result, sports clubs are constantly seeking outlets to improve finances and revenue. Thanks to firms like Chiliz, sports teams can create another stream of income to mitigate the effects of COVID. Clubs like PSG, Milan, and Man City are driving this change, with many others now on board. If the success of this trend is anything to go by, we are in for a radical evolution.