I found the article very interesting although it could have gone into more detail on the changes we are seeing on the coaching side. Everything seems to be far more professional. With fitness professionals keeping players on the touchline properly warmed up. Kevin has installed a style of play he wants us to adopt, our passing and movement looks very good. Pleased with what I have seen so far.
Yes it is actually an interesting article and breaks down what's going on with NFT's and crypto quite well so the average person can understand the basics of it.
I think Preston makes a fair point towards the end of the article when he says something along the lines of- if the NFT value goes to £0, it doesn't matter as the people buying the BFT have something tangible, not like a crappy useless piece of art, they get behind the scenes content of the club, voting rights in the day to running and the money goes towards the playing budget and helping to reduce season ticket prices. So the NFT holders that have bought them from the club are paying for the here and now and to be a part of the club and help the clubs success. As I understand it, ever though the article says a lot of people have sold their NFT's they bought from the club, the club has still pocketed the cash from it assuming they have cashed out the crypto they received. it's an ambitious project and a gamble, but I can see some of the logic behind it. You never know, it may work...
Probably even more worried than I was before reading this!. One question I haven't seen an answer to yet(I've more tham likely missed it) is how does this impact our FFP regarding percentage of matchday income spent on the team...I would suggest that any move to stream our league matches would fall foul of the rights agreement the EFL signed regarding this.
Probably even more worried than I was before reading this!. One question I haven't seen an answer to yet(I've more tham likely missed it) is how does this impact our FFP regarding percentage of matchday income spent on the team...I would suggest that any move to stream our league matches would fall foul of the rights agreement the EFL signed regarding this.
I'm surprised by this, I feel the opposite way after reading the article. The article says we've sold about 10,000 NFT's which at the time of being sold represents over £3.5 Million in pounds sterling. If the club can consistently raise this kind of revenue and consistently reinvest it in the club then I don't see how that falls foul of FFP. I don't see what difference it makes if the revenue doesn't come from traditional avenues like ticket sales, matchday revenues (food, hospitality, booze), kit and merchandise sales, TV revenue, sponsorship etc. From what I understand, during the glory days under HKP with the back to back promotions we were more likely to fall foul of them at that time as we didn't have these additional streams of revenue. Of course this model relies on 1. The club cashing out the values of NFT sales while the crypto is still worth a decent amount 2. reinvesting this into the club 3. being able to sell NFT's to people when the value keeps plummeting
Probably even more worried than I was before reading this!. One question I haven't seen an answer to yet(I've more tham likely missed it) is how does this impact our FFP regarding percentage of matchday income spent on the team...I would suggest that any move to stream our league matches would fall foul of the rights agreement the EFL signed regarding this.
There isn't FFP in L2 it's something called Salary Cost Management Protocol (SCMP) which limits the amount of turnover you can spend on the playing budget. In L2 clubs are limited to 55% of turnover and in L1 it's 60%.
Prior to the NFT drop Preston stated that he was expecting CTFC to receive £1-2m from Wagmi after all the expenses had been taken care of. The minting seems to have gone OK so let's assume that out of the £3.5m headline figure that keeps being mentioned, CTFC get the upper end of Preston's estimate and receive £2m from Wagmi, that means you can add at least £1.1m to the playing budget (if CTFC are currently spending well under 55% then obviously there would be scope to put more of that windfall towards the budget.) However, youngsters (up to U21's?) aren't included in the SCMP calculations so in theory the rest of the windfall could go towards the B team if they were young enough to be excluded from SCMP but in reality I would imagine that at least some will be diverted to investment elsewhere in the infrastructure of the club.
Unlike FFP in the PL, SCMP does not restrict owners from pumping funds in to their clubs to finance a push up the leagues which is why the likes of Salford can spend so much. As long as Neville et al are happy throwing their cash in to the club, they can continue to outspend everyone else.
As an aside, the National League doesn't have any similar restrictions which is why the top NL sides are able to out bid most L2 clubs when it comes to signing players.
