English Premier League club Tottenham Hotspur announced its intention to issue a fan token (SPURS) on the Chiliz Chain with the aim of offering supporters new opportunities for engagement and access to exclusive rewards and experiences.
The SPURS token will be available through Socios.com, a prominent fan engagement and rewards platform. Leveraging Chiliz (CHZ) Chain, a SportFi network with over two million users, the SPURS Fan Token will enable Tottenham Hotspur to join an extensive roster of approximately 80 sports teams already using Chiliz Chain to reach their global fan bases.
Tottenham currently partners with MatchWornShirt, whose auctions are verified on Chiliz Chain, strengthening the chain’s credibility and wide usage. Additionally, $SPURS holders are eligible to participate in on-chain voting, encouraging active fan participation.
Chiliz Chain, a platform specifically designed to meet the needs of the sports industry, will facilitate the operation of the Spurs Fan Token. The chain has more than two million user wallets and a daily user volume of more than 60,000, underscoring its extensive reach and reliability. Since its founding in 2018, the Chiliz blockchain platform has reportedly generated more than $400 million in revenue for teams and leagues.
Ryan Norys, commercial sales director at Tottenham Hotspur, said:
“Our Fan Token will complement the benefits of our current membership program. This partnership also illustrates the club’s ongoing efforts to generate additional recurring revenue streams for reinvestment in our football operations.”
The SPURS tokens will debut in a Fan Token Offering (FTO) on October 4, 2023. Following the FTO, SPURS will be listed on major global exchanges, expanding accessibility to fans in several strategic markets, including Asia.
New rules
SPURS is being launched as new Financial Conduct Authority (FCA) regulations come into effect in the UK. In the future, FCA regulations for the marketing of crypto assets will require projects to include clear risk information in all marketing materials. On its website, the FCA recommended the following language for all crypto assets promoted in Britain: “Do not invest unless you are prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.”
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