A London stock market minnow is teaming up with a heavyweight executive to use the blockchain to deal with the ticket stoppers.
TechFinancials Inc. has signed binding terms for the new company with Footies Tech Ltd. – founded by Ian Ayre, former CEO of the Liverpool Football Club's Premier League team – according to a statement on Thursday.
The new company will help sports organizations "take full control" on ticketing, including the setup and application of secondary market trading, said TechFinancials of Cyprus. He first announced a potential agreement in October.
TechFinancials will invest up to $ 500,000 for a 75% stake in the company, with Ayre & # 39; s Footies holding the remaining 25%.
According to TechFinancial, the world market for football ticketing is worth about $ 35 billion a year. "In particular, these figures are only official estimates and do not take into account the lack of revenue on the secondary ticket market," the company said.
Improved transparency and security in the sector will benefit both offices and customers, said Ayre, 55, in the statement. Ayre is also CEO of a major new football franchise series in Nashville, Tennessee.
"For years, both sides have suffered from the toute ticket, and we aim to solve it by making it a safer and more stable market," he added.
Last year the British competition regulator took legal action against a series of secondary ticketing websites suspected of violating consumer protection laws. Three major sites subsequently formally committed to improving information on resold tickets.
Bloomberg News
