English Football was heavily hit by the COVID-19 pandemic. In the past two years, clubs kept their spirits as much as possible, faced with the lockdowns, spectator number limitations, and a series of positive cases among players and staff.
Half of the existing football teams in this country are being sold at the moment. Since they financially depend on ticket revenues, their incomes have been experiencing a dramatic drop since 2019. Unpredictable game schedule changes, cancellations, and wasted travels aren’t helping the budget either.
Although prognoses are grim, the case of LassoCoin reinstills hope. Namely, in December last year, a cryptocurrency named LassoCoin was established, for the purpose of saving English football from bankruptcy.
If the project succeeds, LassoCoin will be able to buy more than a century-old English Football Team. It would be a historical event since this would be the first time crypto holders are in full charge of a football club.
LassoCoin raised more than $750,000 in only a few days. Just before Christmas, it was announced on LassoCoin’s official Twitter account that they had reached $3 million.
These amounts make club managers hopeful, as reaching the current club price of $10 million in 2022 doesn’t seem impossible.
A freshly launched LassoCoin (LASSO) crypto can be bought for as little as $0.02517. Their mission is to develop new revenue streams for the clubs, with several strategies at hand to attract investors. Soon, LassoCoin will engage in merch, streaming, NFTs, and jersey crypto sponsorships to improve the club’s balance long-term.
The LassoCoin CEO said that the growth of LassoCoin and the revival of the Premier League go hand in hand. He added that the project should bring more than $200 million annually, sharing the profits among LassoCoin holders.
The exciting thing is that LassoCoin holders are considered to be owners of the club, which opens possibilities for fans owning a LassoCoin to participate in major club decisions. In other words, LassoCoin is a big promise that sports teams don’t need to belong to billionaires only.
On the contrary, the future brings new possibilities for enthusiasts to come closer with their clubs, and grow together. Under the auspices of blockchain, fans get a voice and the possibility to support their teams in new ways.
LassoCoin project announced applying the same model for other sports leagues in the future, such as NBA and NHL.