Bradford City owner Stefan Rupp appears to close door on takeover by cryptocurrency firm

Bradford City chairman Stefan Rupp has appeared to shut the door on the idea of selling to a cryptocurrency firm after revealing he turned down their opening offer.

Two days after receiving the bid from WAGMI United, Rupp has knocked it back.

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Crypto firm WAGMI United in email bid for Bradford City

“A great deal has been aired publicly since the offer was made. This, as well as a number of factors which will remain private, has led me to this decision.

DECISION: Stefan Rupp (right) with former Bradford City chairman Edin Rahic. Picture: PA Wire.DECISION: Stefan Rupp (right) with former Bradford City chairman Edin Rahic. Picture: PA Wire.
DECISION: Stefan Rupp (right) with former Bradford City chairman Edin Rahic. Picture: PA Wire.
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“As a proud custodian of this wonderful football club, my first and most important responsibility is to protect it and safeguard its long-term future, while upholding our values.

“I, and certainly no one else connected to this football club, is actively trying to promote its sale, and my commitment has not changed.

“The matter is closed, and our attention returns to what is truly important, as we build towards a strong second half of the season and aim to achieve our goals."

The would-be buyers of the League Two club include businessman Daryl Morey, president of National Basketball Association side Philadelphia 76ers, businessman Gary Vaynerchuk and TikTok personality Bryce Hall, but they have little football experience.

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Their strategy was revealed in The Washington Post this week, who revealed WAGMI were looking to establish a new model for owning a football club and were targeting a lower-league English side to purchase.

A key element would be to fund investment in the side through non-fungible tokens (NFTs ) - digital units that can be bought or sold despite having no physical form. Fans and cryptocurrency speculators would effectively receive certificates of ownership – but not shares, the values of which rise and fall significantly. The market for NFTs is unregulated and they can become worthless, which is why other clubs who have adopted them in a more limited way have invariably met with fan opposition.

The Bantams are 16th in League Two after sitting out Saturday's fixtures because of Covid infections in their squad but have made no secret of their ambition to win promotion this season, and are expected to make significant changes to their squad in January.

Meanwhile, WAGMI United have responsed to express their 'bitter disappointment' with Rupp’s decision.

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The group also claimed that Rupp had agreed to a takeover deal in principle and that talks had been ongoing since last month.

Their statement read: “This agreement was non-binding and pending additional due diligence on both sides before finalization but there was an agreement.

“He’s obviously now had a change of heart but to suggest that he’d never heard of WAGMI United before Thursday or that no further action was taken following our offer is simply untrue.

“We believe the club’s supporters deserve more transparency than that.

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“Of course, Mr Rupp is not required to sell the club to us or anyone else and we respect his decision to do as he wishes.

“We had sincerely hoped to build a relationship of respect, honest and openness with the Bantams’ strong existing supporter base while also bringing in new fans from around the world – taking Bradford City’s rich history and tradition to the next level, on and off the pitch.

“We’re sad we won’t be able to realise that vision in Bradford but we will continue to look for other opportunities to do so.

“We wish nothing but the best to Mr Rupp, the Bradford community and all Bradford City supporters moving forward. Up the Bantams!”

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