Fieldfisher’s Financial Services department, led by its partner Arnaud Grünthaler, advised CounterPointe Sports Group Inc. (CSG), an American investment fund that owns the Elan Béarnais basketball club, in the legal and regulatory structuring of its STO (Security Token Offering).
Since April 26, CSG offers the public the PBT Token, a token qualified as financial security offering subscribers, thanks to an innovative legal structure, the possibility of benefiting from economic and political rights similar to those of a shareholder by conferring on them, in particular, a share of the performance of the club as well as various other rights such as participation in the appointment of a club administrator or privileged access to an upcoming offer relating to the real estate project “Climate Technology Park”, a sustainable real estate park of 7 hectares complex around the Pau Sports Palace.
This is the first time that a French professional sports club has carried out an STO offering retail investors the possibility of holding a financial security registered in a Blockchain, the Blockchain Avalanche, recognized as one of the most economical and energy-efficient Blockchains. .
For this operation, Fieldfisher team, led by Arnaud Grünthalerassisted CounterPointe Sports Group Inc. with the regulatory and legal aspects of this operation. The corporate law aspects of the transaction were handled by the partner John Baptist Van de Voorde and senior partner Anne-Ducros.
This is the second STO carried out in France with the assistance of Arnaud Grunthaler, who previously participated in the premiere in 2020 advising Logical Pictures on 21 Content Ventures’ STO. The firm has once again demonstrated its expertise in this area and its ability to support companies in the face of new issues raised by these innovative projects.
Arnaud Grünthaler, partner in charge of the Financial Services department, comments: “The creation of an STO on the French market for non-professional investors is an innovative and pioneering project in many respects. We are delighted to have advised CounterPointe Sports Group Inc. on the regulatory and legal aspects of this operation, which demonstrates the growing interest in the use of blockchain and digital assets for investors and issuers.
Photo by Markus Spiske on Unsplash
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