Newcastle United and Cardiff City consider using cryptocurrencies to fund relegation fight
PSG are also looking at the novel approach, which has been tried by Brazilian Serie B team Avai
CASH-STRAPPED relegation rivals Cardiff and Newcastle may have found a brilliant way to boost their bank balances – make their own money.
The Premier League duo, who played out a 0-0 draw last month, could launch cryptocurrencies to raise funds.
According to , both clubs are speaking to micro-financing and crowdfunding company SportyCo about an Initial Coin Offering (ICO).
Their plan would see fans encouraged to buy the new tokens, with the funds potentially available to be put to use in the January transfer window.
Brazilian Serie B team Avai are the first club to make the move into cryptocurrency after launching this week alongside SportyCo and the sports investment company Blackbridge.
The minnows are hoping to raise £15million with their token sales, which fans will be able to trade for tickets and merchandise.
Paris Saint-Germain are plotting a similar move into the emerging market.
Cardiff and Newcastle both emphasised that they were fighting for survival with lower budgets than their rivals.
Toon chief Rafa Benitez is upset at a lack of backing from owner Mike Ashley in the transfer market, with fans firmly on the Spaniard’s side.
But Neil Warnock has insisted he knows what he signed up for and did manage to secure several key targets – including Josh Murphy and Bobby Decordova-Reid.
Benitez’s Magpies are 18th in the table, while the Bluebirds are 16th – one point better off after two draws.