Winklevoss twins invest $4.5m worth of Bitcoin in UK football club

by

The co-founders of cryptocurrency platform Gemini, Cameron and Tyler Winklevoss, have become new investors in Real Bedford Football Club.

The brothers invested 4.5 million dollars in Bitcoin for the football club using Winklevoss Capital, their investment company, as the intermediary for the deal.

In early 2022, this new collaboration positioned them next to Peter McCormack, a well-known cryptocurrency podcast host, as he took ownership of the club.

The Winklevoss twins have invested significantly in Real Bedford, funding various progressive initiatives. Among these are the development of a modern training ground, founding a football academy, and strengthening resources for youth and girls’ soccer teams.

Real Bedford announces that the Winklevoss Twins have decided to put in $4.5 million as investors in our club.
This means Cameron and Tyler will now share ownership of RBFC with Peter McCormack.
Discover more details here 👇

— Real Bedford FC (@realbedford) April 12, 2024

In January 2022, the twins got connected to the club indirectly when Gemini took on the role of a sponsor for it.

With this latest investment, Real Bedford also plans to establish a Bitcoin treasury. 

Real Bedford’s link to prominent US investors mirrors the acquisition of Wrexham AFC in Wales by actors Rob McElhenney and Ryan Reynolds for 2 million pounds (approximately 2.5 million dollars) back in February 2021.

The Winklevoss twins, similar to Reynolds and McElhenney, are combining their expertise in technology investments with sports. They are broadening their reach beyond standard business areas by engaging in local and community sports projects.

Wealthy investors, including the Winklevoss twins, have recently joined the ranks of those viewing football clubs as valuable prized assets due to their potential financial returns.

Based on a recent analysis by S&P Global, two decades ago, sports teams were generally considered high-risk, frivolous investments.

Currently, things take a new turn. The escalating costs of sports media contracts and shifting athlete compensation create an investment class for sports, offering both superior earnings compared to the market and the protective characteristics typical of low-yielding utilities.

According to reports, Sporting Lisbon Football Club in Portugal is looking to give up a portion of ownership to potential buyers.

The ongoing negotiations revolve around debt restructuring at the football club, which is where superstar Cristiano Ronaldo began his career.

Read More

2024-04-13 21:06