Top tier Australian football team snapped up by crypto firm

Perth Glory Football Club has been taken over by London Football Exchange Group (LFE) subject to approval from Football Federation Australia.

LFE, whose recently-appointed chairman is Perth Glory’s Tony Sage, reportedly raised $70 million in an initial coin offering (ICO) in 2018.

The firm has now acquired a majority stake in Perth Glory, who are currently third in the Australian A-League behind Melbourne and Sydney.

“There will be no significant change to the operations of the club, the functionality of the club or the day to day management structure,” LFE said in the announcement.

The company offers a blockchain-based marketplace that enables fans to access ticketing and merchandise.

It also acts as a means for football clubs to raise capital amidst an increasingly competitive market where major teams monopolise players due to extraordinary TV deals.

“My love for PGFC is well known, our fans are loyal, the fact that the LFE is designed and manned by fans for fans makes me proud to say I am part of the team and that PGFC is the cornerstone of this wonderful project,” said Sage.

“I am looking forward to the next 15 years where we want to become the dominant force in terms of footballing standards but also in terms of youth development for both the men’s and women’s game.”

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