A Series B football club in Brazil is launching an ICO expecting to raise $20 million.
A Brazilian football club, Avai Futeball Clube announced their plan to conduct an ICO last Wednesday. The series B football club’s President, Fransisco Jose Battistotti invited all their fans in Florianopolis and Brazil to take part in the token sale as the club works on becoming “a stable member” of series A and qualifying for the Copa Libertadores.
Through the ICO, Avai will sell 20.46 million tokens, on which the club will hold additional 1.54 million token or around 7% of the total amount of token. Each of the token is valued at $1, which means the total amount expected to raise is $20 million, as reported by Coinwire.
Avai works together with SportyCo and Blackbridge Sports in the token creation and selling, which is expected to kick off on October 3rd. Explaining the ICO further, Marko Filej, the co-founder of SportyCo, fans who buy the token will be able to trade it on exchanges, use it to buy game tickets and merchandise, as well as get “unique experiences.”
The minimum expected fund raised from the ICO is $8 million, on which in the case where it is not achieved, all funds will be returned to the investors. If the token sale doesn’t manage to reach the upper goal of $20 million, the unsold tokens will be burned.
This is not the first time soccer is connected with cryptocurrency. Last month, it was reported that an Italian football club was bought with cryptocurrency, whereas a soccer club pays their players in cryptocurrency.