I don't know but I think it will be merchandising unless they allow token holders have some governance say in the team. I don't think that will happen because the rich guys don't want to give up control
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I doubt it will have much in the way of governance. Besides, fans are horrible at choosing the direction of teams.
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But I don't think the managers do well at picking the direction of the teams (thinking of all those mid-tier and lower ranked teams).
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