Bradford City: Takeover bid by US cryptocurrency investors is rejected
- Published
Bradford City are currently 14th in League Two and are without a win in their past 10 games in all competitions
A proposed takeover of Bradford City by a group of US cryptocurrency investors has been rejected.
WAGMI United made an offer to buy the League Two club on Thursday.
They had aimed to rely on non-fungible tokens (NFTs) as a model of ownership.
"A great deal has been aired publicly since the offer was made. This, as well as a number of factors which will remain private, has led me to this decision," chairman Stefan Rupp told the club website., external
"As a proud custodian of this wonderful football club, my first and most important responsibility is to protect it and safeguard its long-term future, while upholding our values.
"I, and certainly no one else connected to this football club, is actively trying to promote its sale, and my commitment has not changed.
"The matter is closed, and our attention returns to what is truly important, as we build towards a strong second half of the season and aim to achieve our goals."
Bradford are currently 16th in League Two, seven points off the play-offs after a run of 10 games without a win. Saturday's scheduled fixture at Carlisle was one of 19 across the English Football League postponed because of Covid-19 cases.
NFTs are "one-of-a-kind" digital assets that can be bought and sold like any other piece of property, but which have no tangible form of their own.
The digital tokens can be thought of as certificates of ownership for virtual or physical assets.
The Washington Post reported, external that the group aimed to make "NFTs a cornerstone of the organizational blueprint around which it hopes to build a vibrant - and financially invested - digital community".
According to the Post, the group - which includes NBA side Philadelphia 76ers' team president Daryl Morey, businessman Gary Vaynerchuk and TikTok personality Bryce Hall - planned to use its NFT revenue stream to invest in analytics and "outspend opponents" in pursuit of promotion through the EFL to the Premier League.