Two English Premiership teams are turning to cryptocurrency as they battle financial challenges

Newcastle United and Cardiff City both have their eyes on a new way of raising funds to compete in the English Premiership…

More and more professional sports teams are looking towards cryptcurrencies, it seems. Paris Saint-Germain, the French champions, are launching their own token in time for next season. Wolverhampton Wanderers in the English Premiership wear crypto sponsorship on the arms of their shirts. On top of that, former players such as Michael Owen and Ronaldinho are getting involved.

Now, though, two more English Premiership teams are turning to crypto, as both look for news ways to battle their own difficult financial troubles. Newcastle United and Cardiff City have both got off to slow starts this season, and they are in talks with SportyCo, a company that’ll help each of them launch their own cryptocurrency.

Each club would sell their own tokens, which would either give investors a currency to spend related to the team, or perhaps even a stake in revenue. The exact details are yet to be ironed out.

Neither team has officially confirmed whether they’re going to go down the ICO route as of yet, but with the possibility of potentially raising tens of millions of pounds, both appear to be interested. That’s per a report that broke in The Times.

If following a similar timescale to other clubs who have adopted this approach, it’s likely that any scheme wouldn’t be fully in place until the start of next season. But with both clubs struggling to financially compete in Premiership football, don’t be surprised if both of them give cryptocurrency a try.

Image: John Candy/Creative Commons