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Manchester United, A Football Club Is Planning To Launch A Sports Brand DAO

Gary Neville and Paul Scholes, two former Manchester United footballers, are forming a sport-focused decentralized autonomous organization (DAO) alongside two Singaporean billionaires.

According to available information, the CO92 DAO would offer sports ownership to the masses, allowing them to invest alongside ex-footballers. The moniker CO92 DAO refers to Manchester United’s illustrious 1992 squad.

The DAO would largely focus on strategic investments in soccer-related companies and projects.

The project’s specifics are still unknown at this time. However, it was rumoured that the DAO might hold its public auction soon.

As previously stated, the ex-footballers will not be developing this initiative alone; it will also have the help of two additional Singaporean millionaires, Peter Lim and his son Kiat Lim.

“We are currently already reviewing a range of professional football project opportunities and will announce developments in the months ahead,” said Kiat Lim.

The Lims are no strangers to blockchain sports enterprises or investments. They previously launched a football-related digital platform with Cristiano Ronaldo’s endorsement. They also control Valencia C.F., one of Spain’s greatest football clubs, and are shareholders in Salford City F.C.

According to Bloomberg, the project’s management team will include members of the 1992 squad such as Nicky Butt and Ryan Giggs.

DAOs have been increasingly popular in the crypto realm in recent years. They are usually started with a certain aim or objective in mind.

FreeRossDao, for example, is actively seeking to secure Ross Ulbricht’s release as the founder of the darknet marketplace Silk Road. The DAO raised almost $10 million to purchase ten Ulbricht drawings at an NFT auction.

AssangeDAO is another DAO working to free a prisoner. It was founded to fight for Julian Assange, the detained founder of Wikileaks. Around $38 million was raised by AssangeDAO.

Despite their growing popularity, critics have accused some DAOs of having a centralized decision-making mechanism. Skeptics claim that most of these DAOs appear to be decentralized but are actually very centralized.

Sporting teams all around the world continue to take use of the embryonic crypto business to promote it while also improving their fan experience.

We previously reported on Manchester United’s $27 million annual partnership with Tezos blockchain, which would see the crypto network’s emblem appear on the club’s training shirt.