Former Manchester United legends Gary Neville and Paul Scholes are teaming up to launch a one-of-a-kind sports-centric DAO (decentralized autonomous organization) that would allow fans to make investments alongside these legends.
The sports investment DAO would be called CO92 DAO, named after the legendary squad from 1992, and it would focus on strategic investment focused soccer-related firms and projects. The two soccer legends have teamed up with Singapore billionaire Peter Lim and his son Kiat Lim to create the DAO.
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“We are currently already reviewing a range of professional football project opportunities, and will announce developments in the months ahead,” said Kiat Lim.
This would be the second blockchain sports venture for the father-son duo. They have already launched another football venture g ZujuGP—a digital platform endorsed by Manchester United’s Cristiano Ronaldo. The billionaire duo has a particular interest in sports which is reflective of their ownership in two football clubs, they bought the Spanish club Valencia C.F. in 2014 and are a shareholder of English club Salford City F.C.
The details of the project are yet to be revealed publicly, but it is expected to hold a public sale soon, as per a Bloomberg report. The management team would include Neville and Scholes along with some former teammates namely Nicky Butt, and Ryan Giggs. The football-centric venture aims to bring sports ownership to the masses using DAOs.
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DAOs over the years have become quite popular in the decentralized space, but it has their fair share of critics as well. The decentralized governance model sees participation from the community and investors of the project in the critical decisions of the ecosystem. However, these DAO projects have come under scrutiny for centralization in the decision-making process in recent times.