Yesterday UK-listed TechFinancials announced it is investing in a new blockchain startup with Footies Tech, the football (soccer) ticketing platform. The aim is to tackle the secondary market for football tickets because fans end up overpaying while the ticket issuer invariably doesn’t earn a cut from scalped prices. By tracking ticket ownership, blockchain enables greater control over ticket resales.
Footies is chaired by Ian Ayre the former CEO of UK Premier League soccer club Liverpool. He’s currently the CEO of Nashville’s Major League Soccer club.
The deal is to create a new company “for the development of a proof of concept [PoC] agreement between NewCo and a European football club”. It’s unclear whether there’s a particular football club that has agreed to PoC. TechFinancials will invest up to $500,000 for 75% of the NewCo. Footies Tech will hold the remaining 25%.
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