Dutch Crypto Firm Libereum Acquires Spanish Soccer Club Elche CF

Dutch crypto firm Libereum has acquired Spanish soccer club Elche CF for $4.9 million, according to a press release published to the Libereum website Dec. 26.

The acquisition marks the first step in the crypto company's ambitions to purchase a set of international soccer clubs and make its ERC20 token, Liber, a mandatory form of payment in the stadiums of those clubs it owns.

Libereum states it secured its purchase of the Segunda División A club with a bank guarantee of €4.3 million as an initial down payment.

According to a report from Finance Magnates published Dec. 27, Libereum had also intended to purchase Dutch club Roda JC Kerkrade, but that deal had "Fallen through."

In 2015, Elche CF - the local club of Elche, the third largest city in the country's Valencia region - was relegated from Spain's Primera División due to unpaid tax debts and economic mismanagement.

The company claims that demand for the token will drive its market value, generating returns for the club.

According to Finance Magnates, Libereum has also this week hinted at an undisclosed deal to purchase another football club allegedly worth €80 million, although details of the purported acquisition are not accessible on the company site as of press time.

This August, seven United Kingdom premier league clubs - Tottenham Hotspur, Brighton & Hove Albion, Crystal Palace, Cardiff City, Leicester City Football Club, Newcastle United and Southampton - partnered with local crypto trading platform eToro to integrate blockchain and cryptocurrencies in soccer stadiums.

In September, French soccer club Paris Saint-Germain - hailed as the country's most popular team - announced its partnership with blockchain platform Socios.com to launch a token ecosystem.

Just this month, Brazilian premier league soccer club Atletico Mineiro launched its own fan utility token dubbed "GaloCoin."