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Bitcoin’s “Ted Lasso” explains the “real plan” behind buying a British soccer team

The volatile but lucrative cryptocurrency boom has created vast fortunes practically overnight, flooding sports and entertainment with aggressive branding efforts for new money.

But the latest twist affects Peter McCormack, a Bitcoin (BTC-USD) investor and podcaster, who has taken a different approach. He bought his home football club (or soccer as it is called in the UK) to attract money to grow the squad into a powerhouse.

McCormack, branded AppleTV +’s breakout series “Ted Lasso”, is the new chairman of Bedford FC. He is now on his way to leading his club into the most competitive league in English football, the Premier League.

McCormack was born and raised in Bedford, told Yahoo Finance. It’s a childhood dream that can ultimately help him create more pride in his hometown – and turn the team into a competitor.

“Bedford is an area that has really not seen much growth, other than people withdrawing from London who can afford to buy bigger houses.

“I have a bitcoin community of these crazy 100 million bitcoin users around the world who are going to be behind the project. We can do well with a soccer team in town, ”he added.

But Bedford FC is “not a crypto club. It’s not about getting people to buy or buy cryptocurrencies [non-fungible tokens] or some of that nonsense, “said McCormack.

“What we are is a football club run as a professional company” that attracts sponsors to raise money for players, equipment and facilities, “he added.

No “lightning in the pan”

In this illustration from November 28, 2021, a representation of the virtual cryptocurrency Bitcoin is placed on a US dollar banknote. REUTERS / Dado Ruvic / Illustration

In the past year, companies that were filled with profits from a booming crypto cycle were faced with a new problem: rapid growth did not lead to notoriety.

To fix this problem, many poured over a billion dollars into advertising – and cryptocurrency exchanges were the most aggressive. Gemini commissioned a commercial for Spike Lee, and Crypto.com paid Matt Damon to say “Fortune Favors the Brave” in a widespread move.

The story goes on

But the major crypto campaigns have focused on sports, another sector that is being flooded with new money from betting.

Enter the “Ted Lasso” analogy. The show features an English soccer team competing in an open league where the plot revolves around an awkward American coach who is hired by a new owner to turn the sad franchise inside out. Based on performance, the best and worst teams within a league are promoted (or demoted).

Bedford Football Club plays in England’s 10th league – which means the club must move up nine times before they can compete in the Premier League.

This system is no stranger to McCormack’s strategy depends on harnessing a global community of Bitcoin enthusiasts and promoting the demand from Bitcoin companies.

He’s not the only one. The Washington Post first reported that WAGMI United, a group of high profile U.S. cryptocurrency investors, recently made an offer to buy the Bradford City AFC Premier League team.

Bradford’s current chairman, however, turned down the offer after fans reportedly opposed the new owner’s option, according to Coinmarket-Cap. McCormack was luckier.

“For me there are a couple of things that are happy and that have converged in a few months. I lived here [Bedford] all my life … i understand british football. I love football. I go to games all the time, ”said McCormack.

The podcaster spent years building his own business advertising deals with crypto companies for his show. Given the interest in merchandise and the speed at which he is selling sponsorship, the club’s first year revenue “could be comparable to a small League 1 club,” said the entrepreneur.

According to the club’s website, it is already sponsored by three Bitcoin mining companies: Compass Mining, Hut 8, and Luxor.

However, crypto is notoriously whip. McCormack added that his team, renamed Real Bedford FC, will not be vulnerable to short-term fluctuations in Bitcoin prices.

“I don’t want people to think of this as some weird crypto project that is a flash in the pan,” he told Yahoo Finance. “It’s not a crypto project, it’s a business and soccer project. We only work with one bitcoin standard. “

David Hollerith covers cryptocurrency for Yahoo Finance. Follow him @dshollers.

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