You can’t see the ffa approving this sale? Seems like way to many alarm bells
10 minutes of googling makes it clear that this geezer is as bent as a two quid note. the LFEC cryptocurrency has lost half of its value since it launched, they haven’t revealed how many units were actually taken up, so there’s no market cap, and the trading data shows less than $25k a day in transactions, so even if they wanted to raise significant funds, there’s virtually no market for it.
Their whitepaper focuses almost exclusively on generic blockchain technology, the size of the football audience and making money via low cost international transactions. The plan seems to be to sell ‘virtual shares’ in clubs they will supposedly own in the future by offering them to fans to be purchased using this LFEC cryptocurrency.
They clearly haven’t spent even a second considering the reality of being first cab off the rank, Perth can’t pay suppliers with this crypto stuff, they can’t pay players or anyone else for that matter. There isn’t enough interest in either Perth or the LFEC cryptocurrency to generate a market that can grow while the $5-7m in CASH that’s needed to keep Perth Glory running as a viable club is extracted from the market without crashing the value of the cryptocurrency.
As a plan, it makes zero sense, has none of the guarantees or commitments that any sensible owner would want. So it’s sure to get approved.
4 Likes
What you’ve described sounds like the most Tony Sage thing ever.
1 Like
FFA shitting themself. Options:
- Allow sale. Inevitable issues; FFA look terrible,
- Don’t allow sales. Sage explodes. FFA headaches.
Tony on Seek as we speak.
Everywhere we go
People want to know
Who we are
Where we come from
And we tell them
READ THE BLOCK CHAIN!
Credit: @ozbreaker
1 Like
A real Schrödinger’s cat type thing lol the deal is both dead & alive at the same time
It all makes perfect sense. Buy LFE cash.
I can see this ending in tears. Luckily i stocked up on popcorn the other day.
1 Like
Would be beautiful for the wheels to fall off around the time of the glory game at HBF next year… will give me something to yell into the crowd.
The salary cap breach gave me some excellent banter & I hunger for it 
‘oh that shot was more over cooked than your books !’
‘Better start paying the refs sister’
2 Likes
Could be a good piece of business for Sage though? Sell 80% now and then buy it back for half the price in a year’s time
Sage saying he’s still doing due diligence and sale isn’t complete. Get the feeling the buyers announced early and sage is having second thoughts
1 Like
Was just reading this, how does the chairman of the club announce that they are being bought out by company he’s the chairman of ?
1 Like
If anyone can unravel what the fuck is going on with this I’d be grateful
Its a scam
The cryptocurrency is a scam, the people who own the cryptocurrency also own the ‘investor’ who bought 85% of the launch currency. artificially constraining supply in an effort to raise the price, which has halved in the 2 years since it launched, the market for their cryptocurrency turns over about $8k a day, so there’s fuck all market for it, and the price will collapse if any amount is put in circulation.
In other words, to buy Glory they’ll need to sell some of their LFEC cryptocurrency but if they do the price will totally collapse because there’s fuck all demand for it.
Smart. It’s worth more than LFG’s crypto.
You could probably offer it to Sage for Perth Glory.
5 Likes
Wonder how fucked the pitch will be at Perth’s ground after the NRL have finished dumping 2-3 days of almost non-stop thugby league.
They couldn’t play it at Optus Stadium, could they?
I just saw a few minutes of it at the pub. Looks to be bugger all people there. Optus would have looked ridiculous
They’ve got almost a month to work on it, should be fine.
Imagine if they played next week, Bruno would have a field day 