Smith Anderson represents the Fan-Controlled Football League (FCFL), a start-up launching the first initial coin offering (ICO) pre-sale on Indiegogo and MicroVentures’ newly announced global ICO platform. The platform allows both accredited and unaccredited investors to invest in token offerings.
FCFL, the first professional sports league guided by people who buy its tokens, or FAN tokens, is truly designed for the digital blockchain age. The FAN token is a Smart Token built on the Ethereum blockchain platform, which will record and maintain all fan-driven decisions and changes of ownership transparently making all activities accessible to League participants.
“With more than $3 billion raised in 2017 alone, ICOs are becoming a leading source of funding for both entrepreneurs and established businesses,” said FCFL’s CEO Sohrob Farudi. “Smith Anderson worked around the clock to help us launch our presale. They are not your typical lawyers– they are creative problem solvers who understand the innovation of blockchain technology, while seamlessly guiding us through the legal risks.”
With Smith Anderson’s counsel, FCFL successfully launched its token pre-sale on December 12, 2017, offering bonus tokens in advance of a final utility token sale as a reward for early investor support. Surpassing its $5 million goal for the pre-sale, the company plans to enter the next stage of its ICO and sell tokens publicly in the first half of this year.
The offering was led by Smith Anderson Partner Margaret Rosenfeld, who leads Smith Anderson’s Blockchain Technology and International Law practices, and included Smith Anderson attorneys Heyward Armstrong, Joshua Bryant, James Jolley, Davis Roach and David Sartorio. The team counseled FCFL through launching its token pre-sale on the new platform and will continue to advise the company as it enters next stages of the offering, the public launch of its ICO.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The ICO described in this press release will only be made by means of separate offering materials distributed by the FCFL.