Deal made to form new blockchain sports venture
An AIM-listed FinTech software provider and a Blockchain-based sports ticketing platform chaired by former Liverpool FC boss Ian Ayre have agreed to set up a new joint venture.
TechFinancials has entered into non-binding heads of terms with Footies Tech to establish a new company subsidiary.
Footies is chaired by Ian Ayre, who was previously chief executive of Liverpool Football Club, and current CEO of Nashville Major League Soccer.
The new company is being established to develop and market a blockchain-based digital venue management system.
The initial phase of the product will focus on enabling sporting organisations to take full control over their event economics.
TechFinancials will initially hold 75 per cent of the shares of the new company and Footies will hold the 25 per cent of the remaining shares.
Under the terms of the deal, TechFinancials has agreed to provide up to $500,000 for the development of a proof of concept agreement between the new company and a European football club.
The money will also cover employees' salaries, administration costs, business development and other expenses.
TechFinancials said it will make a further announcement when the final terms of the venture have been agreed.