WAGMI United have become the first crypto company to own a football club after officially announcing the acquisition of Crawley Town Football Club.

WAGMI United –  which stands for “We’re All Gonna Make It,” –  are a new brand that exist between the "intersection of crypto and sports".

Founded by former ESPN betting analyst Preston Johnson and former derivatives trader Eben Smith, WAGMI United "seeks to reimagine how professional sports teams are owned and operated — building communities of passionate fans and empowering them to take a personal stake in telling their team’s story and shaping its future."

The pair say they want to harness the power of Web3 to expand the club’s fanbase globally and open new revenue streams, likely selling NFTs that give “fans” influence over ways the club operates.

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WAGMI has received investment from figureheads in the Web3 movement like Gary Vaynerchuk and Daryl Morey, but critics are concerned the deal is opportunistic and could make the football club – an important community institution – vulnerable to the volatility of the crypto and NFT market.

As per the Huddle Up Substack, the belief is that the takeover will provide new partnership opportunities, revenue streams, and financing at Crawley Town – who are currently operating at a loss.

In a press release following the takeover, Eben Smith said: “WAGMI United believes this community-powered approach will also open doors to exciting new partnership opportunities and unlock valuable new revenue streams that will allow us to expand Crawley Town’s budget far beyond levels typically seen by an EFL club of this size. With more financial resources than our competitors to bring in the best possible players and coaches and ensure they have access to the most advanced analytics available, these investments should translate into what matters most: wins.”

The new owners have already promised to get Crawley – who currently sit 12th in League Two – promoted by the end of their second season in charge, and have offered to use their promise of ‘fan engagement’ as a tool with which they can be removed from power if they fail to meet this target.

Continuing in the press release, Smith said: "If we're trying to build a community-club, and we are, then we have to build in mechanisms to hold ourselves accountable. So if Crawley Town Football Club doesn't get promoted to League One by the end of our second season, which we think is about 50/50, then we under-performed.”

WAGMI previously made a public takeover bid for Bradford City last year but saw their proposal rejected.

To find out more about the people behind the takeover, listen to Huddle Up's podcast with Crawley FC's new directors Preston Johnson and Eben Smith, here.