KANALCOIN NEWS – News quoted from The New Daily. The owner of an Australian football club, which is at the top of the table, has canceled purchase negotiations with a controversial cryptocurrency company. The club’s owner, Tony Sage, confirmed on Monday that a planned deal to sell 80 percent of the equity in Perth Glory FC to LFE (London Football Exchange) Crypto Company had finally been cancelled.
As it is known that the LFE is an exchange institution or company built on the blockchain, which is designed to enable supporters to trade equities in their favorite clubs. But it must be understood that LFE does not yet own a stake in any football club, and the Perth deal would certainly be a first-time acquisition.
Perth Glory confirmed that it had entered into an “asset sale and purchase agreement” with LFE in early February and is awaiting approval from the FFA. In early January, club owner Tony Sage was announced as chairman of the new LFE which will start on 1 March.
At the same time, LFE Crypto Company CEO Jim Aylward called the deal the “cherry on the cake.” He had this to say on his personal Twitter page: “We are building a football group that will lead to a tokenized ecosystem, so there will be utility for tokens.”
However, it turned out that there were concerns and information about the agreement received a lot of attention which revealed the background of the LFE.
An investigation by Australian radio station 6PR earlier this week alleged Aylward, LFE’s CEO was actually James Abbass Biniaz, a con man who attempted to defraud the British tax office out of £98,000 (about $126,000). He was once sentenced to 22 months in prison in 2010. Aylward reportedly did not deny this when asked by the station.
6PR also reports that LFE is facing a $2.2 million court case brought by a Turkmen oil trader who claims the token company used false information to persuade him to make loans to the company.
The LFE had previously held talks to buy a stake in FC Nantes two years ago, but this was derailed when the French Club found the company’s “seriousness and credibility” could not be guaranteed.
Claiming to be new to the world of cryptocurrency, Sage said in a blog post last week “there are a lot of similarities between crypto and the world of football.” He also called on backers to try and understand the benefits “before passing any judgment on the LFE or the crypto industry.”
Club owner Tony Sage flew to London last week to address the growing problem and meet Aylward in person. Aylward has promised and agreed with Sage with the English Premier League.
Upon his return, Sage met with the governing body Football Federation Australia (FFE) on Monday evening and said the acquisition deal was cancelled.
To date, it is unclear whether Sage still plans to take the position of chair of the LFE.