TechFinancials partners with ex Liverpool FC CEO Ian Ayre’s Footies in blockchain venture

TechFinancials teams up with ex Liverpool FC CEO Ian Ayre’s Footies to establish NewCo

Binary options platform and broker turned Blockchain company TechFinancials Inc (LON:TECH) has announced that it has entered into non-binding heads of terms with Footies Tech Ltd, a Blockchain based ticketing platform for sports venues and teams, with respect to establishing a new company subsidiary (NewCo).

Footies is chaired by Ian Ayre, who was previously Chief Executive Officer of Liverpool Football Club, and current Chief Executive Officer of Nashville Major League Soccer.

NewCo is being established in order to develop and market a blockchain based digital venue management system, while the initial phase of the product will focus on enabling sporting organizations to take full control over their event economics.

Initially, TechFinancials will hold 75 per cent of the shares of NewCo, and Footies will hold 25 per cent of the remaining shares. TechFinancials and Footies (the “Parties”) will establish the NewCo in an agreed jurisdiction, which is likely to be the United Kingdom.

Under the Heads of Terms, TechFinancials will commit to support the financial needs of the NewCo with a cost cap of US$500,000 for the development of a proof of concept agreement between NewCo and a European football club (“POC”), employees’ salaries, administration costs, business development and other expenses to be agreed by the Parties. All costs borne by TechFinancials and/or monies paid to NewCo shall be deemed to be a shareholder loan by TechFinancials with customary terms and conditions to be agreed.

In addition to the costs described above, TechFinancials will license its technology, free-of-charge to NewCo in order for it to build a solid software infrastructure and shorten development timescales. This commitment is subject to execution by NewCo of at least one POC within three months of the Parties signing the Agreement.

The Company will make a further announcement when the final terms of the venture have been agreed.

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