Sunderland owner denies contact with cryptocurrency group about stake in club – NewsChain

Sunderland owner Kyril Louis-Dreyfus has revealed he has had no contact with a cryptocurrency group about acquiring a stake in the club.

The Fans Together group had earlier on Tuesday confirmed an intention to buy shares from Stewart Donald and Charlie Methven, who together currently own 39 per cent of the Wearside club.

The statement read: “The Fans Together, an organisation dedicated to bringing large scale widespread fan ownership to reality, confirms it is in discussions with Stewart Donald and Charlie Methven to acquire all of their 39 per cent stake in Sunderland AFC.”

“In Sunderland, we have deliberately chosen a club with a large fanbase that is in a sound financial state and we are keen to work with existing shareholders to continue to build on the momentum achieved through the recent promotion to the Championship.

“While discussions are ongoing, we are unable to provide further information at this moment in time, however we will update fans and wider stakeholders as soon as possible.”

Donald and Methven took control of the club in 2018 following relegation into the Sky Bet League One.

Louis-Dreyfus completed his takeover in February 2021, overseeing the Black Cats’ promotion back to the Sky Bet Championship last month after winning their play-off final against Wycombe 2-0.

However, it emerged earlier this year that despite acquiring “a controlling interest” at Sunderland, Louis-Dreyfus actually owns 41 per cent of the club, with Donald and Methven holding 34 per cent and five per cent, respectively, and Juan Sartori owning the remaining 20 per cent.

Donald and Methven are looking to sell their shares, but Louis-Dreyfus says he has not spoken to anyone from The Fans Together about a potential purchase.

In a statement he said: “Juan Sartori and I remain wholeheartedly committed to Sunderland AFC and our collective focus is on preparing for the upcoming Championship season.

“Neither I nor any other employee from SAFC has had any dialogue with the Cryptocurrency Group ‘The Fans Together’ and although a timely conclusion to this matter is preferable, any transfer of shares must not compromise the Club’s integrity.

“All shareholders must also be qualified to take the club forward in line with EFL Governance and have alignment with the values and principles of SAFC and its supporters, as well as our long-term strategy.”

The Fans Together group describe themselves on their website as: “a DAO (Decentralised Autonomous Organisation) dedicated to bringing sports fans together from across the globe to give them power and say in professional sports clubs.”

Their description adds: “To achieve this goal, we The Fans Together are utilising the Tangle, a Distributed Ledger Technology (DLT) created by the IOTA Foundation to create a fast, free and frictionless way for Fans to engage with their sports clubs. Through our governance structure, fans will have a real say in their club’s operations.

“Anyone who owns at least one of The Fans Together’s $TFT tokens will be able to debate, contribute and ultimately decide, through votes and polls the direction of their sports clubs. Votes within the DAO are proposed by the TFT team and then token holders will be able to participate, deciding the outcome.“We have opted to use IOTA’s Tangle because of its many advantages, its fast, feeless, and energy efficient. These features are what make The Fans Together possible.”