Benzinga - by Chris Katje, Benzinga Staff Writer.
The goal of owning a professional sports team is out of reach for most people. Valuations are exorbitantly high, and there are a limited number of publicly traded teams for sale.
Gemini founders Cameron and Tyler Winklevoss are not like most people. The twin brothers recently invested $4.5 million worth of Bitcoin (CRYPTO: BTC) into English soccer team Real Bedford FC.
They are now official co-owners in the team, alongside Bitcoin podcaster Peter McCormack, who bought Real Bedford in 2021.
McCormack has been trying to propel the team to the Premier League — the top English soccer league.
So far, he’s on the right path. Real Bedford was promoted from the 10th tier to the ninth tier after last season. The club is currently in first place in the Spartan South Midlands Football League. A league win would earn a second straight promotion and take the team to the eighth tier.
"Cameron, Tyler and Peter all share a deep conviction in bitcoin and its ability to help supercharge RBFC's quest to make it into the Premier League," a press release reads.
"We're not just investing in a football club, we're investing in a dream to bring Premier League football to Bedford. We firmly believe Peter is the right leader to make the dream a reality," Cameron Winklevoss said.
The English Premier League includes some of the most valuable teams in the world, including Manchester United (NYSE:MANU). The publicly traded sports team went through its own investment cycle recently with English billionaire Jim Ratcliffe securing an investment in the team.
Nowadays, soccer teams are attracting investments from deep-pocketed investors and celebrities alike. Actor Ryan Reynolds and pro athletes like Tom Brady are just two of the most famous names putting a spotlight on soccer fandom and the promotion system, leading to potential growth for teams.
Related Link: 15 Fun Facts About Bitcoin
The Winklevoss twins are well-known for their role in early Bitcoin adoption, including filing for the first-ever Bitcoin ETF.
And Gemini has been a partner and sponsor of Real Bedford since January 2022. Other sponsors include cryptocurrency-related companies like Galaxy Digital and Ledger.
The involvement of McCormack and the Winklevoss twins could make Real Beford one of the most Bitcoin-involved professional sports teams in the world.
"We are proud to continue to support RBFC as they bring together multiple pillars of crypto, combining community, accessibility and innovation," Cameron and Tyler Winklevoss said in a statement.
One initiative is to establish a Bitcoin treasury to "secure the club's long-term ambitions."
Real Bedford’s X account shares that the team uses the Bitcoin standard. The club doesn’t have non-fungible tokens, no ICO, no Web3, no DAO and no fan tokens.
Read Next: How Ryan Reynolds Builds Billion-Dollar Companies
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.