Crypto Startup Gets £45 Million Ready for Hull City Football Club Bid

The emergence of international bidders in the Hull City takeover race is sufficient to corroborate the speculations that the Yorkshire-based championship football team may experience a change in administrative hands.

The Hull City FC Bid

In the past weekend, the former chairman of Hull City AFC, Paul Duffen, revealed his plans to buy the club alongside his Saudi Arabian private investors. Notably, Paul Duffen had led the team in its debut English Premier League season during his time as chairman, but he resigned in 2009, the resignation which has left the club in a relatively difficult position financially.
The bid for the club is now more interesting as new participants such as SportyCo, a crypto crowdfunding platform based on blockchain technology, and the Hull City Supporters Trust (HCST), have joined the race. The crypto startup allows investors to crowdfund for as well as invest in athletes based on success.
There is also a report stating that the crypto firm has backings from local HCST as well as a consortium of UK and US investors ready to part with £45 million ($58.9 million) in exchange for the club.

SportyCo’s Interest in Hull City

The football club which is currently playing in the English Football League Championship; the highest division of English league and the second in the overall English football. The crypto startup’s CEO Marko Filej has met Assem, and Ehab Allam, the owners of the club after which an official email followed to commence negotiation, HCST chairman was reported saying;

 “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.”

“Blockchain Plays Football”

However, this is not the first contact of Hull city with blockchain as the tech-savvy city is also known for being the only city in the United Kingdom city with it’s a self-governing telephone network and a broadband provider.  James Smailey, Hull City Daily Mail Sports Editor, was quite optimistic about the success of the SportCo’s bid. He stated that that the negotiation is at a more advanced level and more information might come to public knowledge by the end of the week.

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