A Brazilian football team is raising 20 million dollar through its own initial coin offering (ICO). Avai Futebol Clube is playing in the second division. They announced on Wednesday they want to use the ICO for several reasons. They want to develop a digital ecosystem where their fans can interact, and they need to money to help the club promote to the highest league in Brazilian football. This could also give them access to the prestigious Copa Libertadores. Finally, they would use the money to invest in the team’s training infrastructure.
According to Inside World Football the club is selling 20.46 million tokens for 1 dollar each. The club will hold on to 1.54 (7%) of the generated tokens. The token sale is planned to start on October 3rd, and Avai Futebol Clube is working together with SportyCo and Blackbridge Sports to develop and launch the sale. The low cap is set at 8 million dollars. If the low cap is met, all unsold tokens will be burned.
Avai Futebol Clube is the second football team announcing a step into blockchain technology and cryptocurrencies. Yesterday Paris Saint Germain announced a platform which will give fans a vote on certain things concerning the club. The weight of a vote depends on the amount of tokens a fan owns. Where the crypto business of PSG is no impact on the general business of the club, the project for Avai Futebol Clube clearly has implications.