The London Football Exchange ITO won’t open until Wednesday April 11, more than a week after the planned pre-ITO opening date of Monday April 2.
There’s been no official explanation for the delay of the London Football Exchange ITO but on Telegram, an LFE spokesperson said, “Big deals with clubs processing… It’s not a big issue”.
Micky.com.au can reveal the London Football Exchange (LFE) is making swift progress in attracting global football franchises to the platform.
Swiss Super League club FC Lugano, English third-tier club Oldham Athletic, top division Polish club Lechia Gdansk and Rayo Ciudad Alcobendas – a team from the sixth division of Spanish league football – have recently signed partnership agreements.
The four clubs follow earlier agreements penned with FC Bari (Italian 2nd Division) and Futbol Alcobendas Sport (Spanish 4th Division).
The extent of the agreements remains unclear.
In a presentation to ‘Warsaw Block’, a blockchain and digital currency meet-up in Poland, LFE director James Aylward said, “We’ve got two types of clubs at the moment, so every club we’re talking to is head over heels with this idea, but some of them aren’t interested in the equity raise and some of them aren’t interested in the fan experience.”
Mr Aylward told the meet-up the LFE has been in talks with English football giant Manchester City and he claims information about more major club singings will be released during the ITO.
“We have a number of other clubs that we have signed up, we’re not announcing them at this stage because it doesn’t make sense for us to announce the big clubs until we’re into the pre-sale at least.
“The clubs are very, very keen on this project… number one for capital raise, number two to connect with their fan base,” Said Mr. Aylward.
The London Football Exchange is establishing the world’s first blockchain based football club stock exchange – dedicated to offering the opportunity to invest in the shares of football clubs.
Despite the potential for an LFE token to provide ownership, they remain classified as utility tokens, not (more heavily regulated) security tokens.
This is because the LFE plans to directly buy small percentages of participating football cubs through a legal entity. It will then on-sell its direct equity to LFE investors, giving them an indirect equity stake.
Clubs who do not wish to take part in the LFE ‘stock exchange’ can still sign up to be part of the blockchain based fan engagement platform.
LFE tokens will be the cryptocurrency that powers the platform and will be used for point-of-sale purchases such as, match-day tickets, player meet and greets, tours and merchandise.
There will be a total of 4,000,000,000 LFE tokens released at various stages over the next 4 months with a fundraising goal of US$350m.
A single LFE Token has been priced at $0.14 for the Pre-ITO, $0.16 at ITO Release 1, $0.18 at ITO Release 2, and $0.20 at ITO Release 3.
The LFE platform will operate on the Ripple and Stellar ledgers and is expected to be operational during the first quarter of 2019.
In March, ASX-listed company Fat Fish Internet Group was appointed as a Blockchain advisor to the London Football Exchange ITO.
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