Brazil: Team Cruzeiro organizes ICO to finance its new football stadium

In the midst of the local surprise, Club Deportivo Cruzeiro, one of the oldest in the Brazilian soccer league, has decided, nothing more and nothing less, to organize an ICO whose funds collected allow it to remodel its new stadium, which will be located in the city of Cachoeirinha.

The news was made public through the official Twitter accounts of the team, which highlighted that they have the goal of raising a total of 60 million Brazilian reais (or US $ 16 million). Similarly, in a press release, they affirm that cryptocurrencies will not only end the stadium, but also transform the management of finances and sports decisions of the team.

In this regard, Paulo Antonio Doering, who serves as president of Cruceiro Deliberative Council, said that the association decided to change both city (headquarters), which was Porto Alegre, due to the demands of the first league teams They are established in the region.

For the above described, the sports club began the constitution of a new stadium and the move. However, the economic situation delayed the plans, so the board was forced to seek new forms of financing.

Taking the example of the English team Arsenal F.C., which also led an ICO recently, last year the Brazilian team considered the possibility of financing cryptocurrencies. Jonathan Darce, chief of businesses of Iconic, a Brazilian company that advised the team in its decision, assures that cryptocurrencies can be a useful tool, in this case, to save small sports teams from financial problems, as they represent " a durable and revolutionary solution in its structure to economically help a company with the least possible impact ".

We know that small clubs go through a difficult situation. So, we thought about how to deliver a solution that would contemplate infrastructure resources and at the same time be durable. Could they take 60 million dollars in a bank, but how would they pay? With the ICOs, they do not get into debt and still participate in a pioneering initiative, says Darce.

In this way, and unlike a common bank loan, the ICO allow financing an activity, without borrowing, which makes it a technological tool, as well as innovative, very convenient.