Fans to Purchase Stake in Hull City Through Crypto Crowdfunding

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Hull City amblem in front of soccer field

Turbulent times are ahead of the English soccer club Hull City AFC. Although sitting at the bottom of the table, they again expect a change of ownership. On October 4, club’s former chairman Paul Duffen announced that he planned to buy Hull City with the aim of returning it to the Premier League. However, a new player entered the pitch.

Hull City Supporters Trust (HCST) has teamed up with SportyCo, a cryptocurrency crowdfunding platform. Together, they will give fans a chance to buy a stake in the Hull City through crypto crowdfunding. HCST and SportyCo plan to gather $58.9 million in order to purchase the Hull City. If the bid is accepted, fans will be a part of the ownership structure and directly influence the club’s business.

All interested Hull City fans will be able to invest in their club’s future directly on SportyCo blockchain-based platform. To enter the crypto crowdfunding, fans will need to purchase SPF token on exchanges such as Okex and KuCoin. All gathered tokens are going in the investment pool. In the end, fans will just need to cross fingers and hope that their bid is higher than Duffen’s.

During this century, Hull City made a huge progress, from Division 3 to Premier League. In 2014, they even made it to the play-offs of UEFA Europa league. However, they are currently playing in the Championship, the second highest league in English soccer.

Crypto Crowdfunding – Active Fan Support

Marko Filej, the SportyCo CEO, already met with the current owners of the club. He submitted an official letter of intent to purchase Hull City. Geoff Bielby, the HCST chairman, is confident that crypto crowdfunding will bring success to the club. He sees crypto crowdfunding as a way for fans to have a more active role in clubs they support. Furthermore, he expects that other clubs will soon follow their example.

As expected, fans are thrilled, as they will have a chance to be on the Hull City’s board. However, the obstacle is now the Duffen’s bid as he and his investor group are already in talks with the current owners of the club.

Hull a Familiar Face In The Cryptocurrency World

The city of Hull already had experience with blockchain and cryptocurrency. Back in 2014, the local government launched HullCoin – the first local government cryptocurrency. Tokens are still in use as a way to reward volunteers for their community work.

When a volunteer finishes an activity, the work is recorded in his crypto wallet and HullCoins are awarded. Later, HullCoin owners can purchase various goods, but only with local retailers participating in this project.

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