Mexican Football Federation is Restraining Team Liga MX From Selling Even 1% Stake in NFT

The Football Federation of Mexico is against Necaxa’s (team of Liga MX) decision of selling 1% of its stake as included in an NFT costing $1.3M.The intention of Necaxa’s ownership group, the Liga MX team, is to take advantage of the NFT hype through a 1% ownership stake in the team through an NFT. 50% of the team is driven by Sam Porter and Al Tylis under DC United, including Mesur Ozil (a star of football) as well as Victor Oladipo or Miami Heat. The auction for this stake NFT will start from a bid of $1.3 million on the OpenSea marketplace.

The team’s revenue would be divided among the bidders just like other proportions percentage, but they will not be allowed to vote because they have no rights. This 1% stake will neither decrease nor increase even after the expansion acquired by the investors. It will not require to get participated in capital calls in a situation for the club to get more money. The NFT, as opposed to the other shares, does not demand a refusal from the current ownership group; nonetheless, the current investors would be given 10 percent of the NFT during a sale. It was stated by Tylis on Bloomberg that there may exist other NFT assets creating sports teams, but this stake, according to him, is unique in its kind, and its value will be long-lasting.

The Necaxa NFT disapproved by Liga MX

A statement was published by Mexican Football Federation, which drives the Liga MX. The announcement declared that their regulations certify no member certificates to be modified or transferred in any case without the endorsement and recommendation of the Mexican Federation Assembly of soccer, Executive Committee as well MX Liga Assembly.

A possible Milestone in sports blockchain: Necaxa NFT

The working on NFTs has already begun by several sports leagues, players, and teams. NFTs have also been supported by the NBA through a partnership between them and Dapper Labs. Candy Digital is another NFT company being launched by Michael Novogratz of Galaxy Digital, Fanatics, and Gary Vaynerchuck. Jaguars QB Trevor Lawrence and Adidas are united with Bitski to start an NFT project.

Overall, NFT is the latest in a way that a major franchise ownership stake is being offered by it. This step may prove to be an incentive for the other sports teams to spark investment in blockchain and NFTs on a world level.