Home / Crypto Currency / Crypto Firm Prepares £45 Million Bid on Hull City Football Club

Crypto Firm Prepares £45 Million Bid on Hull City Football Club


Yorkshire-based championship football team Hull City may be about to change hands as international bidders make their interest known in what is being referred to as a takeover in the UK media.

Last weekend Paul Duffen, former chairman of Hull City AFC, announced his intention to buy the club with the backing of Saudi Arabian private investors. Duffen led Hull City to its first Premier League during his time as chairman but resigned in 2009 with the club in dire financial straits.

However, new players have entered the game – the Hull City Supporters Trust (HCST) and SportyCo, a cryptocurrency crowdfunding platform operating on blockchain technology. SportyCo allows investors to crowdfund for and invest in athletes, paying for training and maintenance in exchange for dividends based on athlete success.

SportyCo is backed by the local HCST as well as a consortium of US and UK investors and are preparing a £45 million ($58.9 million USD) bid to purchase the club. Hull Daily Mail reports that if SportyCo wins the bid, fans will be included into the ownership structure of the club and as such will be able to work with the consortium on team matters.

Hull City is currently in the English Football League Championship, the highest division of the English football league and the second highest overall in English football after the Premier League.

The platform’s CEO Marko Filej has reportedly met with the owners of the club, Assem and Ehab Allam, and sent an official letter to formally begin negotiations. HCST chairman Geoff Bielby stated:

“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.”

This isn’t the city of Hull’s first brush with blockchain – in 2014 the Hull City Council launched what may have been the first ever local government cryptocurrency, HullCoin. HullCoin was then adopted as a means of rewarding local volunteer work carried out in Hull, the idea being that residents could volunteer and be rewarded in a cryptocurrency that could only be spent within the community among local retailers.

The tech-savvy city is also known for being the only UK city with its own independent indepdent telephone network and broadband provider. Hull City Daily Mail Sports Editor James Smailey commented on the positive response from fans upon hearing that they would have a presence on the football board were SportyCo’s bid to go through. He pointed out that the negotiations with Paul Duffen’s investor group were at a more advanced stage, and that fans would have to wait until later this week for more information on the Allams’ decision.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Read more

Check Also

Bitcoin is a ‘Dead Man Walking’, Claims Creative Planning CIO

Bitcoin is a “dead man walking” whose price will eventually plunge to zero. That’s the dire prediction of Peter Mallouk, the president and chief investment officer of Creative Planning Inc., a Kansas investment firm that manages $32 billion in assets. The avowed bitcoin skeptic said BTC bulls are delusional saps who don’t realize that their The post Bitcoin is a ‘Dead Man Walking’, Claims Creative Planning CIO appeared first on CCN

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.