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There is something different about the sporting industry. It has this amazing power of setting all of us free as we relish all those unique moments without a care in the world. In fact hard data from Statista shows that by 2017, the total global revenue from sports was expected to hit $91B with revenue from sports merchandising in North America reaching $15B. That’s not to forget the number of international transfers which stood at 14,591 by 2016 translating to $4.79B and this is on soccer alone.
This is a lot of money and goes on to prove that the sports industry has massive potential but then despite this rosy preview and big statistics, players and fans don’t have a big say yet they play a huge role. But do you know that in the midst of all these there are clubs, promising talents that are likely to fade out and literally disappear because of financial needs and other challenges? Of course this is not what we envision and we definitely need a solution for this.
In the sports world, it’s undeniable that there are many clubs and rising stars who would never realize their full potential because of financial needs and unfavourable deals that stifle their development. Talent suppression is a common thing. All these have occurred due to certain challenges that require attention in the industry.
The centralized funding system in the sport industry for example has been and remains a major issue, where people get rich off other persons sweat. Most rights such as the sponsorship rights, transfer rights have been manipulated over the years with high salaries and interests charged by hedge funds. Unfortunately this is not how things were supposed to be. Recently, FiFA banned the participation of hedge funds from controlling the fair financial play. These funds have a way of twisting situations and stone walling activities away from fans who are supposed to own the sport.
That’s not all. Hedge funds have this tendency of loaning out money to clubs at high interest rates-minimum of 30% so that they can purchase the player’s sporting rights to be recouped over the years. This is at all not right and you guess, what happens when the hedge fund wants to recoup their money? They force the club to sell the player-perhaps the best at that time-so that they can recoup their “investment”.
It compounds the problem further assuming for example, the same hedge fund or investment firm supports two teams all in a grand final where big money is at stake. Does match fixing ring a bell? If so, know that these guys can influence results right away.
Besides, young talented players coming from humble backgrounds have been exploited may attimes due to certain expenses that are required to be catered for when starting up in the sports journey. Investment companies and hedge funds are notorious for this as they normally offer this young talent financial support in exchange for around 30% and 60% of their future incomes or prize money. Many starting players fall prey to this and sooner or later they realize they had a raw deal.
These are the problems facing clubs, players and even fans-the emotional element cannot be discounted. Imagine if Messi for example is sold from Barcelona FC because he has been hijacked by hedge funds. Players and fans alike need freedom and a solution is needed to drain the sporting industry swamp and reclaim what fans rightfully own. That’s why we introduce Globatalent.
Globatalent is a decentralized market place for athletes and clubs in the sporting industry where everything is done transparently courtesy of blockchain technology and tokenization.
It doesn’t matter where your background is and even if you are from Somalia and talented, you should be in a position to nurture your talent and skill, flourish and realize your potential courtesy of the financial support you will receive through Globatalent platform.
This platform ensures that everyone gets opportunities that they are well deserving of. It is about time for the sports industry is revolutionized and democratized so that any sports fan anywhere in the world can be at a pole position to offer financial support to any of their favourite athlete and even clubs.
Globatalent users can at anytime purchase or even sell the future sporting rights of any of their favourite athlete and earn capital gains depending on the performance of the individual through the Globatalent market place.
Globatalent removes the middleman from the picture therefore improvements are bound to be felt such as:
- Talents around the globe will have access to sports financing. Apart from that, fans are able to invest amounts they are comfortable in a particular clubs and are henceforth tied to future revenues clubs and players bring in.
- The related costs of buying new recruits in the team are reduced because hedge funds are not there to extort the clubs through high interest rates.
- Clubs have the opportunity to sell their future rights in order to obtain capital in a transparent and public platform.
- Globatalent gives a platform where players can upload their future benefits (prize money, rights and salaries) in exchange for the future profits of those rights.
- Future sale benefit rights will give players the ability to finance their sports ventures
- Clubs have the ability to sell and tokenize theirs and receive benefits in advance while still enjoying the performance of their best players.
The investment process has been automated with the introduction of smart contracts of different types for easy and secure way of token trading. This will empower and enhance sponsorship in exchange they trust a portion of their future benefits or other revenues to the stake holders.
Apart from the automation through smart contracts, fans will have this personal experience with their favourite teams rather than the vertical communication which we have been seeing. This is on top of them receiving revenue through their initial investment when the team or athlete performance improves.
Globatalent Youth Program receives 33% of all fee transactions for the purpose of giving an equal chance to all those young talented players who are underprivileged and are unable to set up their sports careers.
Grassroots Program also available where clubs can apply for funding, the best proposals will be selected for funding by the token holder community.
The Globatalent members have a cumulative 50 years’ experience in the sports field and are well aware of the challenges experienced in the sports industry.
Sunil Bhardwaj is the Co- Founder and CEO with 20 years in sport management and brings with him his general manager experience from several basket ball leagues. Alex Preukschat is the Co-Founder and Head of Special Projects while Inaki Cabrera is the Co-Founder Sports and Business Developer. Others are Ferrán Martinez, Daniel Pozo, Javier Domínguez, Tina Fotherby and Robert Spitz.
They are advised by Maurice Evans, Juan de Dios Crespo and Xavier Foze and 3 others.
To actualize this grand project, Globatalent plans to sell their Ethereum based GBT utility tokens which will be available through their official dashboard at www.globatalent.io . Out of the 850M GBT tokens, 500M will be available for investors.
Fund raisin will be done through two main phases:
- Private pre-sale begins from April 16, 2018 and ends on May 18, 2018 where a maximum of 200M GBT tokens will be offered to accredited investors and here the company plans for $22M. To achieve this, they will sell each token $0.11 with a 30% discount offered through a Simple Agreement for Future Tokens (SAFT) contract.
- Primary crowd sale which begins on May 21, 2018. During this main event, the company plans for $39M through the sale of 300M GBT tokens at $0.13 each. There will be a 18% discount for the first 3 days of the crowd sale and later a 10% discount ending on May 27, 2018.
Overly, the company is looking for $61M from the sale of 500M GBT tokens to make this project a reality. The remaining 350M tokens will be put in a GBT reserved and split as follows: 20% will be reserved for co-founders, 5% for partnership sign up bonuses and a further 14% split between advisors and reserve funds.
Funds will be distributed as follows: 16% will go towards platform development, 20 % for marketing the platform while 10% will cater for operational and legal costs.
It’s a good thing that FIFA stepped in and got rid of these hedge funds fleecing clubs and players. Truth be said, there is no need of players mortgaging their deserved gains through exploitative contracts that are meant to enrich firms and talent. That is unacceptable and that is why Globatalent has alt of work to do. I like the composition of the team, they are veterans in the sports industry and already they have early investors who have seen the true value of this platform.
How they plan to make this a reality has not been elaborated even though they demand a lot of money for the project.
Thanks for reading!
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