Bradford City has confirmed that it received an offer for the club from an American consortium that plans to finance an acquisition using cryptocurrencies, but denies that the sale is imminent.
The League Two club received an offer from investment group WAGMI United on Thursday. Its goal is to raise capital and funds through the sale of non-expendable tokens, known as NFTs, and it intends to rely on data and analytics to make key decisions about the management of the club. His goal, he says, is to use the model to lead a club to the Premier League.
The group, whose sponsors reportedly include NBA Philadelphia 76ers franchise president Daryl Morey, publicly declared its intention to buy an EFL club on Thursday without naming Bradford, which is owned by German businessman Stefan Rupp.
Rupp confirmed on Friday that Bradford was the club in question, but said: โDespite various reports that a change of ownership is imminent, I can confirm that it is not. Yesterday, I received an email from a representative of the WAGMI United group with an offer to buy Bradford City AFC. That is all I have received, nothing more, and no further action has been taken. "
The Guardian has been told that any deal is a long way from completion, with serious doubts as to whether it will pass.
WAGMI United has admitted that it has little knowledge of the complexities of English football. The volatile nature of the cryptocurrency, the price of which can fluctuate dramatically and rapidly, has caused some concern among Bradford's fanbase about the plans, which would be the first of their kind in the sport. WAGMI has been contacted for comment.
Rupp bought the club in the summer of 2016 and the Bantams reached the League One play-off final in 2017, but were defeated by Millwall. Two seasons later they were relegated to League Two, where they remain.
The mood of fans towards Rupp ownership has been hostile for several years, with Rupp based in Germany and rarely seen in games, particularly of late due to Covid restrictions. Some fans shared their excitement at the news of a possible acquisition Thursday when the consortium held a Twitter Spaces live event, but others were far more cautious.
