A group of US investors backed by cryptocurrency is close to buying an English football team. WAGMI United is keeping the details of which club they are approaching under wraps. But, they revealed the team competes in one of the two lower professional leagues, and analytics, cryptocurrency, and NFTs will be central to the deal.
If contracts are signed it will be the first time a major sports franchise has been bought with cryptocurrency as a lead funding source. According to sources close to those involved, the sale could complete within the next month.
“EFL has proven to be surprisingly progressive in our conversations with them,” said Eben Smith. As co-founder of WAGMI United, he is directly involved in the bid. “They’re excited about the outsized interest we hope to bring.”
What the WAGMI UNITED Deal Means
Mirroring movies like ‘Moneyball’ and ‘Ted Lasso’, the investors at WAGMI UNITED say data and digital are at the centre of plans for the team. But what exactly does that mean?
NFTs will be a cornerstone of if the way the team will be organised if the deal goes through. Meanwhile, analytics will help guide management decisions. To what extent, we are not sure. However, this is an example of a trend we expect to see far more of in the near future.
Of course, sports and NFTs have long been making major headlines in the tech scene. Amazon recently invested in Dibbs, a non-fungible sports platform. Lympo, the sporting platform from Animoca Brands, has proven hugely successful and just introduced a staking mechanism. Meanwhile, World Table Tennis launched its own NFT project on OpenSea in November.