Italian football club Rimini Rimini’s acquisition, facilitated by Heritage Sports Holdings (HSH) – a UAE-based sports investment group – marks the first use of cryptocurrency to buy a football team in Italy, securing around 25% ownership.
Giorgio Grassi, the president of Rimini, made the official announcement. In a press release , he states:
Grassi detailed that ongoing talks with Heritage Sports Holdings, and their collaboration with Quantocoin, aim to infuse fresh ideas, enhance the club's brand, and leverage technology. HSH’s involvement stands out due to its innovative use of blockchain and cryptocurrency.
A Little Background
Established in 2013, Heritage Sports Holdings not only brokers football team acquisitions but also invests directly in football-related ventures across Asia and Europe. Their portfolio includes Spain’s Union Deportiva Los Barrios and Italy’s Mantova, among others. Notably, Gibraltar United, another club under HSH, was a pioneer in compensating its players partially in digital currency.
Rimini is an old club Rimini’s past is marked by turmoil. The club declared bankruptcy post a crucial match against Juventus in 2006, which ended in a 1-1 draw. The aftermath saw the exit of key board members, leading to Rimini’s disappearance and eventual multiple re-foundations.
Teaching an Old Dog New Tricks
After climbing back from Serie D, Rimini’s visible resurgence is bolstered by HSH's groundbreaking cryptocurrency acquisition. Grassi shared his enthusiasm:
“This milestone acquisition is set to make waves, bringing substantial recognition to Rimini. Heritage Sports Holdings’ keen interest in Rimini's innovative football approach is noteworthy. They value the club’s transparency, financial stability, local significance, charity initiatives, and the comprehensive ecosystem fostered by our affiliates.”
Sports and Crypto: The Perfect Combo
Sports and crypto collaborations are not unheard of, with football being just one of the arenas exploring digital assets. Last July, Major League Baseball (MLB) launched what’s known introduced 'MLB Crypto Baseball,' a collectible game where players trade digital avatars reflecting moments and figures from MLB history.
Journalist Daniel Roberts explains:
“In MLB Crypto Baseball, players invest in digital avatars capturing game highlights. These can be traded or used for earning stickers and rewards. The game functions as a decentralized app or DApp.”
Read: Cryptocurrency and Sports: Transformative Partnership or Risky Play?
Crypto at the Hoop
Basketball has also welcomed cryptocurrency through The Sacramento Kings led the way in sports innovation by beginning Ethereum mining operations in June. ESPN reports they were also the first professional team globally to embrace bitcoin payments in 2014.
Ryan Montoya, the team’s CTO, stated:
“Innovation drives us. Being pioneers in using Twitter, Google Glass at home games, and drone technology showed our commitment to tech innovation. Opening the Golden 1 Center demonstrated how integral technology has become to both our fans and the NBA.”
