Stellar Lumens based football exchange buys professional football club Perth Glory

  • The Stellar-based London Football Exchange (LFE) has announced the acquisition of an 80% stake in the third division club, Club Perth Glory FC.
  • Millions of soccer fans worldwide will benefit from the innovative advantages of blockchain technology.

The London Football Exchange announced that it will acquire 80% of the shares of the Australian football club Perth Glory. LFE states that the sales negotiations are proceeding successfully and further information on the exact details will be published soon. However, the deal is finally sealed and the financial details have also been clarified.

Perth Glory owner Tony Sage travelled to England for this purpose. Sage will retain control of the club and become chairman of the LFE group and will continue to hold 20 percent of the shares in the club. Sage has been looking for an investor for more than 18 months now and has since received 4 offers, which he has so far declined due to fundamental disagreements:

They wanted to change the name of the club, change the colours. So, yeah, I’ve been very reluctant to do it that way.

The LFE, on the other hand, has a similar vision to his own and wants to give fans the opportunity to invest more easily in their passion:

I came across a group in London that have a fantastic vision for football. They want to own seven clubs around the world like the City group but instead of the City group rebadging Melbourne Heart to Melbourne City and Yokohama City, New York City, they will let each club keep its own identity.

LFE was founded in 2018 with the goal of using cryptocurrencies to create a football exchange and market where fans, traders and investors can buy shares or purchase goods directly from football clubs. Already in 2018, LFE entered into a strategic partnership with the development partner of the Stellar Lumen Project

Through the cooperation, owners of Stellar (XLM) can use the LFE platform to invest in professional football clubs. Especially the low-cost transactions in near real-time processing by using the Stellar blockchain are a big advantage compared to traditional money transfer methods. Ben Leigh Hunt, founder of the LFE explained:

The LFE’s mission is to bring the football world the best in cutting-edge technological and financial solutions.Together, LFE and Stellar make the perfect match to transform the fan experience while introducing millions of loyal football fans to the benefits of the blockchain technology through speed, inter-connectivity, and efficiency.

Blockchain very popular in the football market

At the end of January, the top French football club Paris Saint-Germain already sold tokens. In the first round of sales, almost 20 million $PSG tokens were offered for sale to fans for a price of 2 euros. The $PSG token is an Ethereum-based ERC20 token that allows fans to have a say in the club’s future decisions.

The price of Stellar (XLM) follows the current market trend and has increased by 5.45% to $0.0828 within the last 24 hours. Stellar Lumens thus ranks 13th among the largest cryptocurrencies with a market capitalization of almost USD 1.62 billion.

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About Author

Please follow me on Twitter for deep analysis. Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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