Cryptocurrency firm bids to take over former English Premiership football club

Hull City could have new owners – with cryptocurrency backing…

For fans of Hull City Football Club, it’s been a bumpy year or two, with the team’s relegation from the English Premiership in 2017 being followed by a disappointing campaign in the tier below, the Championship, in the season that followed. Hull finished in 18th place last season, not far above the relegation places, and currently the team is rooted to the bottom of the league.

However, a change of ownership is imminent, and one of the bidders for the club has strong ties to cryptocurrency.

Working alongside the Hull City Supporters Trust is a crypto and blockchain company by the name of SportyCo, and between them they’ve raised a £45m bid to purchase the club from its current owners, Assem and Ehab Allam.

SportyCo has confirmed that reports of the bid are real, issuing a statement that declared “the deal structure will see a consortium of UK/US investors and Hull City AFC fans working together to ensure the club’s future success, by including fans into ownership structure of the club”.

The CEO of SportyCo, Marko Filej, added that “SportyCo has always been on the forefront of crowdsourced sports financing and using new technologies and approaches to achieve this. We are excited to have been able to set up a unique ownership and management structure where institutional investors work hand in hand with fans in the management and future development of the club”.

SportyCo’s background is in using blockchain technology to provide a crowdfunding mechanism. It also has its own current, the SPF Token, an ERC20 coin that’s listed on several cryptocurrency exchanges.

Whether the consortium is successful remains to be seen, with other parties reportedly interested in acquiring Hull City. A decision is likely soon.

Image: Martin Thirkettle / KC Stadium, Hull City Football Club / CC BY-SA 2.0