Fieldfisher‘s Financial Services department, led by partner Arnaud Grünthaler, advised CounterPointe Sports Group Inc. (CSG), an American investment fund which owns the Elan Béarnais basketball club, in the legal and regulatory structuring of its STO (Security Token Offering).
Since April 26, CSG has been offering to the public the PBT Token, a token qualified as a 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 club’s performance as well as various other rights such as participation in the appointment of a director of the club or privileged access to an upcoming offer relating to the “Climate Technology Park” real estate project, a 7-hectare sustainable real estate complex around the Palais des Sports in Pau.
This is the first time that a French professional sports club has carried out an STO offering retail investors the opportunity to hold a financial security registered in a Blockchain, the Avalanche Blockchain, recognised as one of the most economical and energy efficient Blockchains.
For this transaction, Fieldfisher’s team, led by Arnaud Grünthaler, assisted CounterPointe Sports Group Inc. with the regulatory and legal aspects of this transaction. The corporate law aspects of the transaction were handled by partner Jean-Baptiste Van de Voorde and senior associate Anne Ducros.
This is the second STO carried out in France with the assistance of Arnaud Grunthaler‘s teams, who had already been involved in the first one in 2020 by advising Logical Pictures in the context of the STO of 21 Content Ventures. The firm has once again demonstrated its expertise in this field and its ability to assist companies with the 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 aimed at 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 transaction, which demonstrates the growing interest in the use of blockchain and digital assets for investors and issuers.”