TechFinancials Teams With Footies To Digitise Sport's Match Experience

LONDON (Alliance News) - TechFinancials Inc on Thursday said it signed a binding agreement with ...

Alliance News 6 December, 2018 | 12:28PM
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LONDON (Alliance News) - TechFinancials Inc on Thursday said it signed a binding agreement with Footies Tech Ltd to establish a new company subsidiary.

Footies provides ticketing for sports venues and teams.

TechFinancials will hold 75% of the shares of the newly incorporated company, and Footies will hold the remaining 25%. Under the Agreement, TechFinancials will commit to support the financial needs of the joint venture company, with a cost cap of USD500,000.

The fintech software provider said the joint venture company will focus on enabling sports organizations to take full control over the path of tickets once issued, including secondary market trading and enforcement.

TechFinancials said it will license its technological blockchain infrastructure to the newly created company.

Former Chief Executive of Liverpool Football Club Ian Ayre will become chairman of joint venture company.

"We look forward to working with the Footies team and believe that with their deep knowledge of the football industry combined with our technological and business expertise, we will deliver an excellent product to the market," said TechFinancials Chief Executive Asaf Lahav.

TechFinancials shares were trading 7.1% lower on Thursday at 6.50 pence each.

By Evelina Grecenko;

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
TechFinancials Inc 0.45 -

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