|1||Become part of a unique group of owners creating a new community based soccer model.|
|2||Room for growth within the US Soccer Pyramid. Help us go professional!|
|3||Actual ownership rights that come with investor updates and special owner perks.|
|4||If the club makes money, you make money. Receive actual dividends!|
|5||You want to have fun supporting YOUR club!|
|6||We are based in Portland, Oregon, AKA "Soccer City USA!"|
PDX FC was founded with humble roots by Luke and Max Babson, brothers from Portland, OR. The club joined the NPSL, considered the 4th tier within the US Soccer pyramid, in the spring of 2017.
PDX FC was founded on the premise of providing elite playing opportunities for Portland's top aspiring players. The club is a celebration of the beautiful game and will add another chapter to our cities' rich history and reputation as Soccer City USA.
In our first year of existence PDX FC landed legendary Danish sportswear company, Hummel, as our official uniform and apparel supplier. In 2019, our black Hummel jerseys sold out, having orders from across the USA and Europe.
In 2020 and beyond, PDX FC aims to grow our footprint. Becoming a true supporter owned club will create an atmosphere that is very unique to the US sporting landscape. Our aim is to not be a club ran by a small group of owners, but rather a club that is ran by and for the people!
Join PDX FC as an investor and you will be treated as part of the team! Not only will investors receive voting rights on important club matters & special swag, but you will own real equity in the club!
In 2020, the club won our 1st trophy as we took home the Oregon Open Cup, with a 3-2 victory in the championship match over USL League 2 side, Oregon Valley Alliance. Up next we look to make an impact in the US Open Cup!
With a successful WeFunder campaign, PDX FC will grow our club's support and profile within the US Soccer Landscape. We believe the opportunities for growth are endless and the time is now to create something truly unique. Come join our team!
PDX FC has financial statements ending December 31 2019. Our cash in hand is $6,240, as of August 2020. Over the three months prior, revenues averaged $1,066/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $250/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
PDX FC is an American soccer team based in Portland, OR. We currently compete in the NPSL, which is considered the 4th tier within the US Soccer pyramid.
In 5 years, we hope to be competing in a professional league, while serving as a model club for independent soccer in the USA.
We plan to join the National Independent Soccer Association (NISA) by 2022. NISA is a professional league founded in 2019. The league is sanctioned as the third tier within the US Soccer pyramid.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Footy Dreams Group LLC was incorporated in the State of Oregon in February 2017.
Since then, we have:
Historical Results of Operations
Our company was organized in February 2017 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
To date, the company has been financed with capital contributions from the founding team.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 24 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 24 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
Footy Dreams Group LLC cash in hand is $6,240, as of June 2020. Over the last three months, revenues have averaged $600/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $100/month, for an average net margin of $500 per month. Our intent is to be profitable in 6 months.
The founding team is able to contribute additional capital to cover short-term operations if necessary.
Since the date of our financials, we have to pause game play during the COVID-19 pandemic. This has built a pause on revenue from ticket sales. Our recent revenues have been from merchandise sales and sponsors.
Many things have changed since the 2019 season. A combination of factors will hopefully help us become profitable in 2021. We already have commitments to drive sponsors up from previous years. We anticipate at least a moderate boost in attendance, because our public profile has grown since 2019. We have a few thousand dollars of merchandise in stock. We will introduce youth soccer camps, which alone will generate enough profits to cover the amount lost in 2019. The founder's previous job as a college coach limited his ability to start a camps program. He is now full time devoted to PDX FC. Due to the cancellation of the 2020 season, we have received a credit from our league for $2,500 that will cut our 2021 league dues from $5,500 to $3,000. Our leagues yearly AOM is cancelled, which will save $1,000. More long term means of bringing in revenue would be receiving training and solidarity payments for the transfer of successful player/s at the professional level and of course, working to drive the valuation of the club up for a potential sale down the road.
Three months after our May 2021 kickoff, we hope to be generating $9,000 in revenues and $3,500 in expenses, although this cannot be guaranteed, especially given COVID-19.
The above projections cannot be guaranteed.
For additional sources of capital, we can rely on funds contributed from the Company's founding team.
Company’s Operating Costs May Rise. The Company has budgeted for a wide range of operating costs based on current conditions; but unforeseen conditions could cause operating costs to rise substantially. For example, stadium leasing fees, administrative costs, costs due to expansion into a new league among others may all be larger than expected. An increase in such projected costs or in other operating costs could cause the Company to be unprofitable.
The Company depends on the services of key employees, whose knowledge of semi-pro and professional soccer would be difficult to replace. The Company currently does not have a firm plan fully detailing how to replace these persons in the case of death or disability, although this is mitigated by significant skill redundancies among the founders. The Company’s success also depends on the Company’s ability to recruit, train, and retain qualified personnel. The loss of the services of any of the key members of senior management, other key personnel, or the Company’s inability to recruit, train, and retain senior management or key personnel may have a material adverse effect on the Company’s business, operating results, and financial condition. The business may be harmed if the Company lose the services of these people and the Company are not able to attract and retain qualified replacements.
Control of the Company. Control of the Company and all of its operations are, and will remain, solely with its (Officers, Directors, Managers). Investors must rely upon the judgment and skills of such persons.
Unfavourable weather, earthquakes and other natural disasters could impact the Company’s success. The Company intends to build/has built its project in a geographic area which is exposed to earthquakes, weather-related problems, and other natural disasters. Such disasters could cause damage to the project; interrupt power supplies; hamper delivery of water to or from the plant; or otherwise lead to a loss of revenue or an increase in costs to the Company.
The Company may not have sufficient financial resources to successfully compete in the semi-pro or professional sports industries. A large number of enterprises provide similar services. The Company will be competing with startup and established businesses that may have an operating history, greater financial resources, management experience and market share than the Company have. There can be no assurance that the Company will be able to compete or capture adequate market share. The Company may not be profitable if it cannot compete successfully with other businesses.
Stadium Lease Terms. The Company leases the use of a stadium; it does not own its own stadium. Should the Company’s lease expire or should the Company and the stadium fail to come to agreement, the Company would need to find another venue and there is no guarantee that another facility would provide similar features, cost-effective lease terms or revenue stream opportunities.
Max Babson and Luke Babson are part-time officers. As such, it is likely that the company will not make the same progress as it would if that were not the case.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
Temporary Rule 201(z)(2) provides temporary relief from certain financial information requirements by allowing issuers to omit the financial statements required by Rule 201(t) in the initial Form C filed with the Commission. This offering has commenced in reliance of Temporary Rule 201(z)(2).
The COVID-19 pandemic can last longer than expected, which could interfere with our ability to generate revenues. Additionally, it is unclear how the market demand for live sporting events will change even after the pandemic subsides.
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