Portuguese football club considers launching ICO

24 Nov, 2018
by David Robb
News
Portuguese football club considers launching ICO

A popular football team in Portugal is considering an ICO. Sporting Lisbon may launch its own digital token to raise funds, according to local paper Dinheiro Vivo.

Sporting's Vice President, Francisco Salgado Zenha, claimed that an ICO could be a viable option as there is "a very great potential of value in the Sporting brand".

A digital token would give investors the opportunity to buy into the club, and would also increase funding options for the team itself, which is currently undergoing some financial hardships. It is currently around 4 million Euros below the required amount for banks to market bonds in the club. Controversy struck Sporting recently that saw its president, Bruno de Carvalho, being removed and subsequently detained by police.

A number of other football clubs, struggling or otherwise, have recently sought to take advantage of the potential of crypto, ICOs, and the blockchain. The UK Premier League's Newcastle United and Cardiff City are two of the most high-profile teams to get involved in the space.

Read more: Newcastle United and Cardiff City to launch ICOsBrazilian soccer club expects to raise $20M through ICO

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