Former Manchester United FC players Gary Neville and Paul Scholes have announced the creation of a decentralized organization that will allow soccer fans to participate in sports-related investment projects alongside players.
The new organization will inherit the traditions of a Decentralized Autonomous Organization, which works on distributed governance principles and brings together various participants with different goals and ideas.
The newly created CO92 DAO will connect sports enthusiasts from all over the world. The DAO's focus will be on strategic projects with entities and companies tied to the soccer industry, which is currently valued at approximately $25 billion.
The DAO will be developed with the support of 28-year-old Kiat Lim, who shared that the company is going to bring years of cumulative experience and a high-level network to make the project as successful as possible.
Details of the soccer-related CO92 DAO have not been fully determined, along with the amount of money already invested in the project and the ownership structure. DAO will hold a public token sale with no minimum entry.
Kiat Lim is no stranger to the sports and blockchain industries. Kiat's father, Peter Lim, owns Mint Media Sports and bought Valencia C.F. in 2014 while being a shareholder of English club Salford City F.C.
Decentralized autonomous organizations as a concept were introduced long before the DeFi and NFT craze but during the rise of both gained huge popularity. The key feature of decentralized communities is a decentralized decision-making process.
Though some DAOs can, in fact, provide a true decentralized governance and management experience, in the majority of cases, the real power is concentrated in the hands of a few individuals who make all of the decisions.