An ICO’s Tale Pt.2
As anticipated, in this article I will examine the case study described above. Last Saturday, having a coffee, I had a chat with a friend who deals with football and sports law.
Having an idea sometimes can be a flash other times can be the result of careful reflections, in my work deepen and analyze project aspects underpins, nothing should be left, when you decide to start a start-up is very important to discuss your idea, share it and surround yourself with a valid team with strong skills.
As a first step in this long road I decided to take a coffee with a long-standing friend, graduated in sports governance with various managerial experiences in football and basketball area.
We met drinking coffee in the city centre and I asked him few questions about contracts made to professional and amateur players.
Speaking I noticed several interesting aspects that come in handy for my idea.
- First aspect is certainly that there’s no contract in the amateur world but parties deals with private writings. This makes me think about private writing value in Italy, I am not a lawyer but from what I know and what I read private scriptures are often not a guarantee of protection.
- Second aspect is related to economic factors and taxation, my friend explained that in amateur world when you make an agreement, salary is perpetrated as repayment can not exceed € 7,500 per year (€ 625 per month) if threshold were exceeded, team would be subject to taxation. So far so good but who know this world also knows how players with professional background maybe at the end of their career, can have very respectable salaries that exceed the threshold allowed in minor categories. Of course the secret lies is off the books salary, they agree for an annual max refund allowed then proceed with “alternative” payments. When you pass this line you encounter in not respected agreements and you enter a jungle where only the strongest can survive and receive all the money promised.
- Third aspect to highlight is agreements length. In amateur categories players are not tied to teams more than one season. Boys playing in youth team sign their contract at 16 years and they are linked to the team until the age of 19, after which those who play in amateur categories will have to stipulate agreements annually.
Observing these aspects I think a Smart Contract idea deal with these problems, it can be very useful and also integrate other aspects such as the clauses that are very important and varied in professional contracts.
Regarding professional sphere I have seen real contract template, I will study it next days to do other evaluations for project purposes. Certainly also in this area Blockchain would be helpful but currently I prefer to concentrate the amateur system gaps where many guys invest their passion and their time and certainly do not take jobs comparable to those of the highest categories.
These are news gathered these days, now I will go ahead in professional contracts analysis and I’ll start to think some business model hypotheses, but it’s not all I read about a news that gave me even more willingness to continue on my development way. Days ago I read an article about the first player purchase paid with crypto value precisely in Bitcoin. This negotiation took place in a minor Turkish series and the player, Omar Faruk Kiroglu was paid around 1000€, a part in BTC 0.0524 while the remaining in Turkish currency. A fact that constitutes a very important precedent for the dissemination of Blockchain technology.
Here is the link to the article taken from Business Insider
Regards!