Tony Sage has officially advised the FFA head of leagues Greg O'Rourke that the sale of his Perth Glory team to the London-based London Football Exchange (LFE) will not proceed following his due diligence process.

Sage had been in talks with LFE and was set to retain his strong links to the Club via retaining a 20% minority shareholding which was then to be further strengthened with Tony being appointed Chairman of the LFE Group chairman as part of the deal.

Commentary about the sale on some football forums had suggested Sage would have received $8M for his sell-down on Glory which valued the Perth Glory at $10M.

The LFE Football Group project is the arm of the LFE that is creating a multi-club ownership platform whereby the LFE shall own multiple football clubs around the world. Additionally, the group plans to integrate a youth development and commercial pathway for male and female players, LFE Token holders and fans alike.

The LFE claim they will be the world's first fully-integrated football club stock exchange and fan marketplace harnessing the power of the blockchain. Its innovative technology would create a tokenized marketplace which removes friction costs within financial transactions and instils greater transparency within the fan marketplace, ticketing, merchandise, hospitality, broadcast and football retail services creating value never realised previously and benefits for loyal fans.

The LFECash token is currently listed on StellarX with centralised listings on the horizon and will be the cryptocurrency of the new Tokenized Football Ecosystem.