WAGMI United LLC has promised to take an innovative approach to club ownership after taking over the Red Devils.
Cryptocurrency group WAGMI United LLC announced they have purchased a controlling stake in Crawley Town FC on Friday. The announcement comes a few months after the group’s similar bid to take over Bradford City collapsed.
The company plans to use non-fungible tokens (NFTs) as a base for its innovative ownership model. Similar to what we have seen recently with fan tokens, the new Crawley owners want to use the coins to allow people across the world to participate in the club’s decision making.
At the same time, using NFT will most likely provide the club with new revenue streams. Crawley currently has an average attendance of 2249, which is the second-lowest in the entire EFL.
‘From West Sussex to anywhere in the world!’
“Crawley Town Football Club is a club with more than 125 years of rich history that we revere and respect. However, a conventional approach to ownership hasn’t worked, and the club is losing hundreds of thousands of pounds while its fans suffer through year after year of uninspiring results on the pitch.
“We think the club can do better and our fans deserve better. Sports are supposed to be fun and bring communities together. At Crawley Town, we’re going to shake up the status quo, try out some new ideas, and build a worldwide community of fans new and old that can be excited to cheer on the Red Devils together, Stretching from West Sussex to anywhere in the world with an internet connection.”
WAGMI founders Preston Johnson and Eben Smith vow fans will also be able to decide on the club’s directorial roles. Ending the next season without promoting to Ligue 1 could enable fans to remove Johnson and Smith from their current roles.
Smith added: “If we’re trying to build a community club, and we are, then we have to build in mechanisms to hold ourselves accountable. So if Crawley Town Football Club doesn’t get promoted to League One by the end of our second season, which we think is about 50/50, then we under-performed. If we underperform, Crawley Town fans should get to vote on who the next directors of the club are.”