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The Ex-Manchester United players are collaborating to provide fans with a sports-centric DAO for strategic investments in related efforts.
Former Manchester United FC players Paul Scholes and Gary Neville are teaming up to launch a revolutionary sports-centric decentralized autonomous organization (DAO). Pursuant to this, the legendary duo will partner with Singaporean billionaires Peter Lim and his son Kiat.
Dubbed CO92 DAO, after the exceptional squad from 1992, the initiative focuses on strategic investment for soccer-related firms and projects. This means that football fans, and sports enthusiasts in general, will be able to participate in investments alongside these ex-players. Such investable projects and initiatives currently hold a value of close to $25 billion.
Kiat Kim weighed in on the development saying:
“We are currently already reviewing a range of professional football project opportunities, and will announce developments in the months ahead. We are bringing many cumulative years of experience and personal high-level networks into this project to try to make it as big a success as it can be.”
The Lim family did not disclose the amount of money involved in CO92 DAO, nor give any details on its ownership structure. However, Kiat Kim added:
“There will be a public token sale with no minimum amount needed to participate, but specifics of allocation will be announced in due course.”
Along with Gary Neville and Paul Scholes, Nicky Butt, Ryan Giggs and Gary’s younger brother Phil Neville are reportedly part of the DAO. In addition, the management team for the DAO also includes Darius Sit, the founder of QCP Capital and Sherwin Lee, the founder of QCP Soteria Node. Rounding out the list is Gabriel Yang, who previously worked at the Monetary Authority of Singapore.
DAO With Ex-Manchester United Players Represents Second Blockchain Sports Venture for Peter and Kiat Lim
Also, this DAO is not Kiat nor Peter Lim’s first foray into the sports and blockchain industries. The father-son duo launched another football venture called ZujuGP prior to this. ZujuGP is a digital platform endorsed by Manchester United veteran and sports icon Cristiano Ronaldo.
Kiat and his father Peter, harbor a particular affinity for sports-related entities. This is evident in their ownership of two football clubs. In 2014, they acquired Spanish club and La Liga staple Valencia FC. The father-son billionaire also has shares in Salford City Fc, an English club that competes in League Two. Peter also owns Mint Media Sports.
As the decentralized space continues to take shape with the DeFi and NFT boom, DAOs have also risen to popularity. The decentralized nature of the governance model facilitates participation from the community and investors in the project. This is especially so when considering the ecosystem’s critical decisions. and the different goals and ideas prevalent make DAOs appealing. However, there has also been substantial criticism levied at DAOs for centralization in the decision-making process in recent times.