Newcastle United and Cardiff City are considering launching their own cryptocurrencies to raise funds to boost their hopes of Premier League survival. Both clubs are involved in talks with SportyCo, a micro-financing and crowdfunding company, about holding an Initial Coin Offering (ICO) which would enable fans or investors to buy the new currency in the form of tokens in the hope of securing a future return, as well as providing additional revenue.

The Brazilian Serie B team Avaí last week became the first club to launch their own cryptocurrency in a deal brokered by SportyCo and the sports investment company Blackbridge. Avaí are aiming to raise $20 million (about £15.3 million) next month through a sale of tokens, which investors will be able to trade