Blockchain ticketing venture Footies Ltd has been boosted by a new cash injection from its majority stakeholder TechFinancials Inc.

TechFinancials said that due to its subsidiary’s “positive progress” – with it last month announcing its product has reached demonstration stage – it intends to provide a convertible loan of between $225,000 and $300,000. It said its 75-per-cent stake in Footies is now likely to increase as the loan can be converted into Footies shares.

Footies offers sports teams the chance to define the rules that are applied to the digital tickets, such as setting the price range that the ticket can be re-sold on a proprietary, white labelled secondary market and allowing the ticket to be transferred either back to the sports organisation or to another individual.

Asaf Lahav, chief executive of TechFinancials and a director of Footies, said: “TechFinancials’ board is pleased with the progress in Footies and has therefore decided to continue to support the Footies venture.

“We believe that the Footies product, once fully commercialised, will play a pivotal role in shaping the future of the sports ticketing market, making it fully transparent and ensuring a fairer deal is delivered for both the venues and the supporters.

“We look forward to continuing to update the market through 2019 as we work towards helping to bring Footies’ product to market.”

TechFinancials last month said the Footies demonstration product will include a mobile app which allows fans to manage their digital tickets. It is Footies’ intention to complete the development of its Minimum Valuable Product for sports organisations and teams in Q3 2019.

Former Liverpool FC chief executive Ian Ayre, the founder of Footies, stepped down as chairman of the company recently, announcing he wants to concentrate on his role as chief executive of Major League Soccer expansion team Nashville.