The football club that’s sold shares in cryptocurrency

An Italian football club has just sold a quarter of itself, using a cryptocurrency…

Cryptocurrency money has been finding its way into professional football over the past few months. Most notably, English Premiership team Wolverhampton Wanderers sold a sleeve sponsorship deal to cryptocurrency exchange platform CoinDeal, that’s seeing the firm’s logo on the team’s shirts for the duration of the present season.

Meanwhile, Leicester City more recently inked a deal with blockchain betting firm FansUnited, whose platform is based on Ethereum.

Now, though, a team in Italy has taken things a stage further. It’s been revealed that shares in the side have been snapped up using cryptocurrency funds.

Shares in Series C side Rimini have been sold to Heritage Sports Holdings (HSH), a United Arab Emirates-based company that invests in sports. It made its acquisition using the Gibraltar-based cryptocurrency Quantocoin, and in exchange for its investment, HSH now owns around 25% of the club’s shares.

Rimini announced the deal itself, revealing that the deal had been in the works for several months. “Heritage Sports Holdings, with its partner Quantocoin, will try to bring to the team and to the city new ideas and synergies from the sporting, brand image and technological point of views”, said Giorgio Grassi, the president of Rimini. He added that “Heritage Sports Holdings’ participation is innovative in view of its crypto payment system and its use of blockchain technology”.

Rimini’s chequered financial past suggest that the deal wasn’t a particularly expensive one, although no price tag was mentioned. Furthermore, Rimini may well be on the up, having being promoted from Serie D last season. We wait and see just how transformative the new investment will be…