A Brazilian football club hopes to raise $20 million by initiating its own initial coin offering.
Series B soccer team Avaí Futeball Clube has revealed on Wednesday that the team is developing its own digital currency in an attempt to create a digital ecosystem for its fans. Through the initiative, the soccer team also aims to qualify to the Series A of Brazilian soccer, and the celebrated Copa Libertadores competition while boosting the team’s physical infrastructure.
In a report by Inside World Football on September 12, the team is expected to sell 20.46 million tokens valued at $1 each. Avaí Futeball Clube is to hold onto an additional 1.54 million tokens or about 7 percent of all tokens being produced.
The club has collaborated with SportyCo and Blackbridge Sports to create and initiate the token sale, which is slated to commence on October 3.
In an official statement, Francisco José Battistotti, president of Avaí, says that the ICO will be targeting a “global football fan base.” Battistotti further states:
“With our ICO, we are actively … engaging all Avaí FC in Florianópolis and Brazil, working together towards our goal – to become a stable member of Brazil’s Série A and qualify for the Copa Libertadores. We are delighted to do so in partnership with SportyCo and be the first sports company to do an initial coin offering, paving the way for other clubs all over the world to approach financing their sporting activities in this novel way.”
Meanwhile, Marko Filej, SportyCo co-founder, states that investors who will buy the token can trade on exchanges, purchase game tickets, various merchandise, and other “unique experiences.”
Avaí is hoping to raise at least $8 million. In the event that the team fails to reach this threshold, all funds will be returned. Inside World Football also reports that if the soccer club raises $8 million to 20 million, but does not reach its upper goal, the unsold tokens will be burned.
In a similar development, French football team Paris Saint-Germain has announced on Tuesday that it will also be issuing a digital currency as an incentive tool for its fans.
On the other hand, the PSG token does not possess a monetary function. As previously reported by CoinWire, the token will help fans vote on team decisions.