By International bidders are showing heightened interest in Hull City, a Yorkshire-based championship football team, and according to UK media are attempting a ‘takeover’ of the team.
Former chairman of Hull City AFC, Paul Duffen, announced last week that he intends to purchase the club with support from private Saudi Arabian investors. Duffen was a prominent individual in the club during Hull City’s first Premier league participation but resigned when the club entered dismal financial status in 2009.
However, since this point, new interests have been sparked by this club. The HCST (Hull City Supporters Trust) and a cryptocurrency crowdfunding platform called SportyCo which operates on blockchain technology and enables investors to invest in athletes and crowdfund to support them. Individuals are able to pay for maintenance and training in return for payouts based on the success of the athlete.
Hull City is currently participating in the highest division of the English football league, the English Football League Championship, which, following the Premier League, ranks second highest overall in English football.
An assortment of UK and US investors, along with HCST, are backing SportyCo and are organizing $58.9 million bid to buy the club. Fans will reportedly be included in ownership decisions of the club.
According to HCST chairman, Geoff Bielby, Marko Filej (the platforms’ CEO) has been meeting with club owners Assem and Ehab Allam, and has sent a formal letter to officially commence with negotiations.
Geoff Bielby was reported saying the following:
“We are 100% sure that this new and unique approach of combining institutional investors and the fan base will enable us both to achieve our goals, a successful and stable Hull City AFC that will be a joy to watch play. This model will surely be emulated by other clubs in the future and Hull City AFC fans are thrilled to be the trendsetters of how fans take a more active role in clubs they support.”
Hull city is not however new to the blockchain world and its ways. In 2014 the Hull City Council launched their own cryptocurrency, HullCoin, which was given as a reward to local volunteer workers who could then spend the currency only within the local community retailers.
The technologically advanced and up-to-date city is likewise the sole UK city with an independent telephone network and its own broadband provider. James Smailey, who is the Hull City Daily Mail Sports Editor, reported that fans were responding positively to the idea of being more involved with their beloved team should the bid be successful. He commented on the progression of the negotiations being advanced, and that fans and investors should receive more information regarding any decisions made by Allam later this week.
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