Press ESC to close

1 Min Read

This is a first in the sports world. The Pau-Lacq-Orthez basketball club, Elan Béarnais, sold its first crypto-tokens representing part of its capital without difficulty, the owner of the club, the American group CounterPointe Sports, indicated on Monday May 9. Group (CSG). The American investment fund began on April 26 to sell a minority stake in the basketball club in the form of blockchain-based tokens. It could draw up to a maximum of 10 million euros from this operation, depending on the degree of success of the public appeal. The sale started with the marketing of 500 lots of 500 tokens, at a price of 450 euros per lot, i.e. 250,000 tokens at 0.9 euro per token. “They’re all gone,” Greg Heuss, managing director of CounterPointe Sports Group, told AFP.

The sale continues at a price per token now a little higher. But no information will be given on the results of the operation by the end of it, in about two months, said Greg Heuss. “If we manage to sell more than a million, a million and a half tokens, it will already be a great success”, since it is a “world first”, he indicated. According to him, similar experiments – issuing tokens on the blockchain as a title deed – have already been carried out around the world in the field of works of art and real estate, but never in the world of sports clubs. .

Advertisement

First experiment

CounterPointe Sports Group was created to assist sports clubs in this type of operation and enable them to better value their assets. The Elan Béarnais, which CSG bought in June 2021, is a first experiment. But the American fund hopes to capitalize on the success of this operation to offer its services to other sports clubs around the world. Compared to traditional shares, tokens can be used in particular to democratize access to capital thanks to their unit values, which can be very low. Among the first buyers of Elan Béarnais tokens, “more than half came from Pau and its region”, said Greg Heuss. Elan Béarnais, a club with a prestigious past, won its first Coupe de France in 15 years on April 23, beating Strasbourg 95 to 86.

Business
Show Comments

Share Article: