NFT-Focused American Group’s Bid to Buy Soccer Team Rejected – Front Office Sports

nft-focused-american-group’s-bid-to-buy-soccer-team-rejected-–-front-office-sports

American investor group WAGMI United’s attempted foray into the English soccer arena has been rejected. 

Stefan Rupp, Chairman of League Two’s Bradford City AFC, declined an offer for WAGMI United to purchase the team, known as the Bantams.

The decision comes shortly after a Washington Post report stating the group was in “advanced stages” to purchase an unnamed English Football League team.

“A great deal has been aired publicly since the offer was made,” Rupp said. “This, as well as a number of factors which will remain private, has led me to this decision.” Rupp added, “the matter is closed.”

Led by former ESPN gambling analyst Preston Johnson and investor Eben Smith, WAGMI United includes:

  • Philadelphia 76ers president Daryl Morey
  • VaynerX chair Gary Vaynerchuk
  • Social media personality Bryce Hall

New Revenue Model

The group intends to use NFTs as a core revenue generator while leveraging advanced analytics to help run the team.

The group doesn’t plan to offer fans securities in a team it might purchase, but hopes to transfer certain intellectual property rights to people who purchase their digital collectibles. 

They previously said their goal is to reinvest the proceeds into the team to ascend the English Football League system and eventually reach the Premier League. It now appears the group will have to find another avenue into England’s top soccer league.

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