Blockchain startup Crown League aims to raise nearly $100 million to create new form of fantasy football
The project owner told CoinDesk that he is seeking to form a professional fantasy football league, initially consisting of 12 teams that will be owned by fans through the platform's cryptocurrency tokens. In some respects, the league will operate like other fantasy leagues, but it is different in that it is a single organization run by professional managers and owned by the general public.
"Fantasy football is very fragmented right now, no one cares about the other teams," noted Dan Nissanov, chief executive of CrownThrown Inc. Crown League aims to unite fantasy fans by giving them shared ownership of a single team on the blockchain. These teams will be managed by professional game managers, and token holders will be able to influence decisions on each team and vote on the appointment or replacement of team managers.
The company also announced a token pre-sale that is expected to raise $30 million in 60-90 days. The sale, which will operate as a simple agreement for future tokens (SAFT), will be open to accredited investors through an offering in accordance with Regulation D (which provides for exemptions to avoid registration with the SEC in a private placement).
The pre-sale will be followed by 12 micro-ICOs valued at US$5 million, each representing a different team, and will be open to the general public in accordance with Regulation A+ (which provides for exemptions that apply). allowing to avoid registration of securities with the SEC when carrying out crowdfunding) after obtaining permission from the Securities and Exchange Commission. Nissanov expects public sales to occur sometime in late 2018 or early 2019.
The platform itself will go live on a test network around December and is expected to be fully operational next summer. Thus, the first season will begin in the fall of 2019 at the beginning of the National Football League season.
According to https://www.coindesk.com
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