A new cryptocurrency designed to allow fans to raise funds to buy and make direct decisions on how their favourite football teams operate has been launched.

Four billion people actively support teams in the industry that generates an estimated £28 billion annually. But despite this, many of clubs, some of whom are based in the UK, are facing serious financial woes.

Now, Coinlist.me reports one enterprising London firm is set to transform the sector entirely with a ground-breaking initial coin offering, ICO, designed to give fans ownership of teams.

BlocSide Sports LTD and MVP a sports franchise-backed token on the Ethereum blockchain aim to completely transform the way fans interact with their favourite teams.

MVP, a popular sports acronym which translates to ‘Most Valuable Player’, can be used to purchase team merchandise and tickets, fund player transfers, and, ultimately as the market develops, purchase a FIFA soccer team, according to New York based BlocSide chief Daniel Taylor.

FIFA, the world governing body, became dogged by claims of widespread corruption, when the US Department of Justice indicted several top executives in summer 2015.

Since then two of the most powerful men in football, the organisation’s President Sepp Blatter and UEFA President Michel Platini, were banned for eight years from all football-related activities by the organisation’s ethics committee.

Taylor said: “The unfortunate reality of the industry is that corruption does exist. While FIFA is doing all they can to encourage financial fair play, the system does not lead to transparency from an ownership transaction perspective.

“Clubs receive sponsorship, broadcasting, merchandise sales, tickets sales, and transfer fee revenue in different currencies, and at each exchange/transaction point, the club loses money in transaction fees.

“Payment delays are rampant throughout the industry which leads to a lack of trust in the system. We believe there is a better way through transparency and accountability.

“MVP is the first digital token within professional football. MVP Token’s mission is to create a transparent financial infrastructure capable of supporting the growth and evolution of digital currencies within the $40 billion professional football economy.”

A recent partnership between crypto firm Cashbet and Arsenal FC has already started gathering pace.

David Merry, CEO, of Investoo Group which owns Coinlist, said: “There are scores of sports related ICOs on the market giving fans from all sides the opportunity to take ownership of their passion. If MVP catches the public’s imagination it could genuinely change the way fans interact with their favourite teams for good and also offer incredible interaction.

“For example fans could vote on player’s pay, their performance and interact via blockchain in a way that has never been done before.”