Football club of Brazilia is going to hold an ICO to bring in $20 million.
On Wednesday it became known, that football club "Avai" of the B group is going to release its own cryptocurrency, which will be one of its digital ecosystem's elements, designed for fans. Club's officials hope this helps it to get to the major league of Brazilian football and to take part in a prestigious tournament "Copa Libertadores".
According to Inside World Football online publication, club intends to sell 20,46 millions of tokens for a price of 1 dollar per coin. Club will keep about total emission's 7% (1.54 mln of tokens). SportyCo and Blackdridge Sports participate in cryptocurrency's development. Start of tokens' sales is scheduled for this year's October 3.
Francisco José Battistotti, president of football club "Avai", said:
"Our ICO is designed for global base of football fans. Using primary supply of coins, our club is going to become the Brazilian A group's permanent member and to get to the "Copa Libertadores". We are excited about our partnership with SportyCo, which can help us become the first sports company, holding an ICO and pointing the new ways of financing for the world's other clubs."
According to one of the SportyCo founders Marco Sirloin, investors will be able to sell tokens via markets and spendthem on purchasing tickets, merchandise and other unique items, associated with "Avai".
Club intends to raise $8 million at least. In case of failure investors will get back all their funds. If club raises from 8 million to 20 million dollars, but doesn't reach the claimed amount, unsold tokens will be burned.
It's noteworthy, that this week the French football club "Paris Saint-Germain" has made a similar statement about the release of its own cryptocurrency. In contrast to "Avai", the French plan to allocate tokens between their fans just for a purpose to make them able to participate in voting during the decision-making at the team level.