Cameron and Tyler Winklevoss, the billionaire twins who famously sued Mark Zuckerberg for stealing their Facebook idea, are investing millions of dollars in a small British soccer club.
The twins, who run the cryptocurrency exchange Gemini, invested $4.5 million worth of Bitcoin in Real Bedford Football Club (RBFC) on Friday, according to a statement on Friday. announced that it was the first football club to do so.
RBFC, a non-league semi-professional club based in Bedford, England, was acquired by Bitcoin investor and podcaster Peter McCormack in 2022. The latest deal will see the Winklevoss twins become co-owners of RBFC, along with lifelong Bedford resident Mr McCormack.
“There was an alignment of values that we were all early Bitcoiners,” Winklevoss told CNBC, explaining his decision to co-own RBFC with McCormack. “Being in the early stages of Bitcoin is the ultimate test. It shows you you have to have vision, you have to have faith, and you have to be persistent.”
“You have to hold onto that through good times and bad,” he added. “A journey like this is always going to be bumpy. There will be setbacks and challenges.”
big plans
Mr McCormack said he chose the Winklevoss twins because he wanted a partner who could help invest in infrastructure to expand the club. He plans to use part of his investment to finance the construction of a new training centre, which he expects to cost around £1.6 million ($2 million).
However, there are no plans to sell Bitcoin for this purpose. Rather, Bitcoin will serve as a “rainy day” fund.
McCormack said: “The smart move is to hold Bitcoin and borrow pounds to pay for it. That way the training center will pay for itself over seven years as it is also part of the club that brings in the funds. I can do that.”
The Winklevoss twins aren’t the first American celebrities to pour money into a little-known English soccer club. Actors Rob McElhenney and Ryan Reynolds famously bought the small Welsh soccer club Wrexham AFC in February 2021 for £2 million ($2.5 million).
correction: A previous version of this article misstated the phrase “acid test.” It has been updated since then.