DETROIT – Detroit City Football Club has become a true grassroots success story -- but the coronavirus (COVID-19) pandemic brought everything to a halt.
Because of the pandemic there have been no fans at the games, not ticket sales, no concessions -- a big financial hit. So, the team is raising money and it’s giving fans a chance to own part of the team.
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Normally during a game Keyworth Stadium is packed -- overflowing with fans. This year, nothing but empty seats and a shortened season of just four games.
Detroit City FC decided to offer up to 10 percent equity of the club to supporters. Many jumped at the opportunity.
Detroiter Iggy Pop is the lead investor. He was chosen to lead the campaign, and news spread quickly. In five days, more than 2,000 people have invested more than $1 million in the club. The minimum investment is $125.
CEO Sean Mann said the new owners get a voice in the future culture of the club. It’s a future more secure because of the thousands of investors.
Mann said the club bought billboards to promote the investment. Now, the billboards aren’t necessary as they are close to their limit.
The billboards might end up just saying “thank you.”