A popular Portuguese football club has revealed that it may launch an initial coin offering (ICO) to raise funds. Sporting Clube de Portugal (SCP) has not been successful in raising the required amount through bonds. The club may join other sports teams such as Paris Saint-Germain, Newcastle United, and Cardiff City, which are already planning to launch their own Cryptocurrencies.
Cash-Strapped Sporting Clube de Portugal Ponders ICO
The popularity of initial coin offering (ICO) as a way of raising funds is growing every day as Sporting Clube de Portugal (SCP) became the latest football team to consider getting into the sector. Previously, ICOs have mainly been used by blockchain-based startups to raise funds. However, the success of most of these projects has seen more businesses in the traditional sector express their desire to join the sector.
Dinheiro Vivo quoted Francisco Salgado Zenha saying that they are already considering an ICO. However, the club’s vice-president said there is “nothing concrete” yet on the issue. He added that they are having a meeting to deliberate on the idea. The senior executive also noted that an ICO could go a long way in assisting the club to overcome the existing financial challenges.
Previously, Sporting has been unsuccessful in raising enough funds through bonds. On November 26, the club is supposed to repay investors of a previous bond. In the most recent bond, the club was targeting to raise €30 million ($34.2 million) at 5.25 percent gross annual interest rate. However, although the subscription soared, the bond did not meet the target. They managed to raise only €26 million ($29.6 million).
Sporting is already in a serious financial crisis and hopes that bond issues and maybe the ICO will help in addressing this challenge. The club has revealed that if it fails to raise the required funds through the available options, it may have to sell some of its players. The football team has revealed that it has “strategic decisions” that it needs to make.
Cryptocurrencies And ICOs in Portugal
Last year, regulators in the country were sceptical about Cryptocurrencies and asking the public to be cautious. The government kept a close eye on investment and brokerage firms involved in the sector or selling Crypto-related products. However, the situation has significantly improved since then given that renowned brands in the country such as Sporting are already planning to get into the sector.
Sporting, just like most of the other organizations issuing their own Cryptocurrencies may allow those who buy the coins to use them on their products and services. Most organizations prefer offering discounts on those who use their altcoins to encourage their adoption. According to Portugal’s Securities Market Commission (CMVM), any organization planning to launch an ICO in the country should clarify the judicial nature of their coins before launching them.
More Sports Organizations Getting Into Crypto
The sports sector has not been left behind in adopting Cryptocurrencies. Paris Saint-Germain made headlines a few months ago when it revealed plans to launch its own Cryptocurrency. In England, Newcastle United and Cardiff City football clubs have already held talks with SportyCo to help them raise funds through launching their own coins.
10 Comments
nike react
December 17, 2018 - 6:53 amI and my friends happened to be taking note of the good key points from the website and then quickly got an awful feeling I never thanked you for those tips. All the boys came totally stimulated to read them and now have in actuality been tapping into those things. I appreciate you for genuinely so helpful and then for figuring out this sort of smart useful guides most people are really wanting to be aware of. My very own honest apologies for not saying thanks to earlier.
red bottom shoes
December 18, 2018 - 8:24 amI wish to show some thanks to the writer just for bailing me out of this type of issue. Just after browsing throughout the world-wide-web and getting opinions that were not productive, I figured my entire life was gone. Being alive without the presence of answers to the problems you’ve fixed all through your good posting is a serious case, and those that would have in a negative way affected my career if I had not discovered your site. The knowledge and kindness in taking care of every part was very useful. I’m not sure what I would have done if I had not come upon such a solution like this. It’s possible to at this time relish my future. Thanks for your time very much for your specialized and results-oriented guide. I won’t be reluctant to endorse your web sites to any individual who needs tips on this subject matter.
nike polo shirts
December 19, 2018 - 10:56 amI actually wanted to type a quick word in order to express gratitude to you for those great tactics you are sharing on this website. My time intensive internet research has finally been compensated with brilliant facts and techniques to go over with my guests. I ‘d claim that many of us site visitors are very fortunate to live in a fantastic site with very many special individuals with helpful points. I feel truly fortunate to have encountered your entire weblog and look forward to some more enjoyable minutes reading here. Thanks a lot again for everything.
adidas iniki
December 20, 2018 - 6:47 pmMy spouse and i ended up being quite excited when Louis could finish up his web research because of the precious recommendations he acquired when using the weblog. It’s not at all simplistic to simply possibly be giving freely tactics which usually the others might have been making money from. And now we take into account we’ve got the website owner to thank because of that. The explanations you have made, the easy web site navigation, the friendships you can give support to instill – it’s got everything powerful, and it’s leading our son in addition to us feel that the subject is pleasurable, and that is unbelievably essential. Thank you for all!
retro jordans
December 22, 2018 - 12:31 amI simply needed to thank you very much once again. I’m not certain the things that I would have worked on without these thoughts contributed by you about such a field. This was a real terrifying issue in my view, nevertheless discovering the specialised tactic you resolved it forced me to cry with joy. I’m happier for the advice and thus hope that you are aware of a powerful job that you are carrying out teaching others with the aid of a web site. Probably you’ve never met any of us.
adidas nmd r1
December 23, 2018 - 5:59 amI’m commenting to make you understand what a nice discovery my cousin’s child experienced viewing your webblog. She even learned lots of details, not to mention what it’s like to have a marvelous giving spirit to make most people clearly know just exactly several multifaceted matters. You really exceeded her expectations. I appreciate you for providing the powerful, dependable, explanatory as well as cool tips about your topic to Tanya.
louboutin shoes uk
December 24, 2018 - 8:10 amI simply needed to appreciate you again. I do not know the things that I would have achieved without the actual pointers discussed by you directly on that concern. It was actually the distressing case in my circumstances, nevertheless seeing this specialized manner you treated that made me to cry for gladness. Now i’m happy for the support and as well , wish you are aware of a powerful job that you are carrying out training other individuals using your website. Most probably you’ve never encountered all of us.
bape hoodie
December 25, 2018 - 5:53 amI simply needed to say thanks once again. I do not know the things I would have done in the absence of the creative concepts shown by you concerning this concern. Entirely was a very frightening issue in my position, nevertheless being able to view your specialized approach you solved that took me to cry over fulfillment. Now i am thankful for this advice and pray you comprehend what a powerful job you have been accomplishing teaching many others all through a web site. I know that you haven’t encountered any of us.
adidas ultra boost
December 25, 2018 - 6:01 pmI’m just writing to let you understand of the incredible discovery our princess had browsing your web page. She mastered numerous details, which included how it is like to possess a marvelous helping mindset to have the others smoothly know precisely various very confusing matters. You really did more than people’s desires. I appreciate you for coming up with those insightful, trustworthy, educational and as well as easy thoughts on this topic to Ethel.
yeezy boost 350 v2
December 26, 2018 - 4:41 amI happen to be commenting to let you understand what a impressive experience my wife’s princess gained reading through yuor web blog. She learned so many things, which included what it is like to have a wonderful helping heart to get folks quite simply fully understand specific complicated matters. You truly surpassed readers’ expected results. Thank you for presenting those insightful, safe, informative not to mention easy tips about that topic to Emily.