The Crown League, a new fantasy football league to be run entirely on blockchain technology, announced a token offering.
According to its press release, the Crown League token (CRL) offering is being led by Americas Executions, a FINRA-regulated investment bank. The firm has also announced a token presale, which is expected to raise $30 million over 60 to 90 days. CEO Dan Nissanoff told CoinDesk the aim is to raise about $100 million for the league, which will start with 12 teams to be collectively owned by fans.
Like any other football league, fantasy or otherwise, there will be a draft. The Crown League’s first draft is scheduled for the summer of 2019 followed by its first season that September. Specific franchise markets, general manager appointments and other details are planned to be announced this fall, according to the company.
Franchises will compete each season for their share of a predesignated allocation of the league’s tokens, and receive distributions based on a variety of factors including how they place at the end of each season. Then the teams will transfer a portion of their earnings from such things as sponsorships and merchandising to their owners in a dividend-like distribution. Read more here.