Billionaire son Peter Lim democratizes sports ownership with world’s first professional football DAO

Entrepreneur Kiat Lim launched the world’s first Decentralized Autonomous Organization (DAO) in professional football, dubbed CO92 DAO, to enable fans to own a stake in the popular sport.

Supported by Kiat’s father, Singaporean billionaire Peter Lim, and members of Manchester United’s Class of 1992, including Gary Neville and Nicky Butt, CO92 DAO will distribute tokens to football fans, allowing fans to participate in the taking decision-making for projects supported by CO92 DAO.

“CO92 DAO’s goal is to make football fan ownership accessible to everyone,” Neville said in a statement Monday. “We have access to unique sports projects and want to work with fans to create value together.” These projects can include football clubs with high growth potential as well as football-related technologies and businesses, according to CO92 DAO.

DAOs have modernized and digitized investments by leveraging blockchain technology used in cryptocurrencies. By using tokens, DAOs can provide investors with more affordable and inclusive access to professional sports, an asset class that has traditionally only been available to wealthy individuals in closed circles.

“The DAO structure democratizes professional sports ownership and breaks down traditional barriers to allow for more opportunities for involvement,” Kiat Lim, founder of CO92 DAO, said in a statement. “By building on the principles of an ownership economy and leveraging Web3 technology, we’re creating a more inclusive and engaging environment for fans to be involved in decision-making, participating in the whole gaming ecosystem and share all aspects of success together.”

CO92 DAO is the second football venture formed by Kiat and 68-year-old sports enthusiast Peter Lim, owner of Valencia CF, since last year. The Lims launched ZujuGP, a digital football platform endorsed by Manchester United’s Cristiano Ronaldo, in October.

With a net worth of $2.6 billion, the elder Lim ranked No. 15 on Singapore’s 50 richest list released in August. After cashing in on palm oil giant Wilmar a decade ago, Lim, a former stockbroker, focused on real estate, healthcare and sports. He owns Singapore hospital operator Thomson Medical Group and a luxury boutique hotel in the heritage building of the Northern Stock Exchange in Manchester.

Kiat Lim, 28, is executive director of Thomson Medical and CEO of Thomson X, the healthcare provider’s digital platform. Last month, young Lim teamed up with Elroy Cheo, a scion of the family that owns an edible oil business. Mewah International-to create BOW as an exclusive community of Asian entrepreneurs, venture capitalists, Web3 developers, cryptocurrency experts and social media influencers.