Top Australian Soccer Club Acquired By Token-Powered Fan Marketplace

Perth Glory is being acquired by a sports-focused group that says it raised $70 million in a 2018 token offering.

AccessTimeIconFeb 12, 2020 at 1:42 p.m. UTC
Updated Sep 13, 2021 at 12:17 p.m. UTC

Australian A-League football team Perth Glory is being acquired by a fan-focused group that says it raised US$70 million in a 2018 token offering.

Announced Wednesday, London Football Exchange Group (LFE) said it has agreed a deal to acquire a majority stake in Perth Glory Football Club, subject to approval by the sport's governing body, Football Federation Australia.

As part of the deal, the London-based LFE's recently appointed chairman, Tony Sage, who is also chairman of Perth Glory, will remain chief of the soccer club.

"There will be no significant change to the operations of the club, the functionality of the club or the day to day management structure," LFE said in the announcement.

LFE aims to be an alternative means for clubs to raise funds as well as offering a tokenized marketplace where fans can access ticketing, merchandise and more. It describes itself on its website as a "fully integrated football club stock exchange and fan marketplace harnessing the power of the blockchain."

Once the acquisition is complete, the firm aims to integrate its LFEC token – recently listed on the Bithumb Global cryptocurrency exchange – into payment systems at Perth Glory and other football clubs planned to be acquired in future. The Sydney Morning Herald reported LFE will, in effect, be owned by fans who purchase its tokens for a share in the firm.

Perth Glory is currently in third place in the A-League, which it topped in 2018-2019.

“My love for PGFC is well known, our fans are loyal, the fact that the LFE is designed and manned by fans for fans makes me proud to say I am part of the team and that PGFC is the cornerstone of this wonderful project," said Sage in the announcement. "I am looking forward to the next 15 years where we want to become the dominant force in terms of footballing standards but also in terms of youth development for both the men’s and women’s game.”

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Animoca Brands Leads $32M Funding Round for Planetarium Labs

The capital will help the Web3 gaming company develop its community-driven network.

CoinDesk - Unknown
2
CoinDesk - Unknown
Solana Labs, Multicoin Accused of Violating Securities Law by SOL Investor

Solana’s SOL token is an unregistered security whose insiders have benefitted while retail suffered, the suit alleged.

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: How Inaccurate Data Misled Investors to See Massive Outflows From This Crypto Exchange; BTC Holds Steady Over $20K

KuCoin founder Johnny Lyu said those data feeds plus mislabeled, on-chain wallets propagated rumors last week that led to the token exodus; ether rises in Wednesday trading.

CoinDesk - Unknown
4
CoinDesk - Unknown
Shiba Inu Plans to Launch Stablecoin, Reward Token, Collectible Card Game

SHIB prices hardly budged on the news but gas token BONE and ecosystem token LEASH rallied.

CoinDesk - Unknown