Former Manchester United football players, including Gary Neville and Paul Scholes, are teaming up with wealthy Singaporeans Peter Lim and his son Kiat Lim to create an organization that will allow fans to make sports-related investments alongside them.
Participants create a Decentralized Autonomous Organization, or DAO — an entity expected to have a distributed governance model and bring together participants with defined goals or ideas — that will aim to connect sports fans globally, according to a released statement. Monday. CO92 DAO, named after the 1992 Manchester United team, will focus on strategic projects with football-related entities.
“We are currently already looking at a range of professional football project opportunities and will announce developments in the coming months,” Kiat Lim, 28, said via email.
“Getting into this industry is not easy or cheap, we bring many years of cumulative experience and high level personal networks into this project to try to make it as big of a success as possible.”
While DAOs and decentralized projects have rapidly grown in popularity, they also have critics who argue that in reality decision-making power is often concentrated among a few individuals.
Many details about the CO92 DAO are yet to be determined. Kiat Lim declined to comment on the amount of money that will be involved or give details on the ownership structure. There will be a public token sale with no minimum amount required to participate, but allotment details will be announced “in due course”, he said.
The DAO’s management team includes Darius Sit, the founder of QCP Capital, Sherwin Lee, founder of QCP Soteria Node, and Gabriel Yang, who previously worked at the Monetary Authority of Singapore. Along with Mr. Neville and Mr. Scholes, Phil Neville, Nicky Butt and Ryan Giggs are also involved in the DAO, Kiat Lim said.
Kiat Lim and his father are no strangers to the sports and blockchain industries. Peter Lim, 68, owns Mint Media Sports, bought Spanish club Valencia CF in 2014 and is a shareholder in English club Salford City. He and Mr. Neville are longtime business partners.
Kiat Lim has teamed up with superstar Ronaldo on soccer-based digital community ZujuGP, and aims to create a private social networking app based on non-fungible tokens, or NFTs, with Mewah International scion Elroy Cheo. –Bloomberg