Fan Tokens in Italian Minor League Football: Community Engagement, Regulatory Lessons, and Governance Innovations from Siracusa Calcio

This paper explores the role of fan tokens as a blockchain-based innovation to foster stakeholder engagement and strengthen governance in minor football clubs operating in resource-constrained environments. Through a case study of Siracusa Calcio, a community-rooted club in Southern Italy, the research examines how digital tokens can support participatory mechanisms while addressing operational and regulatory challenges. Using multiple data sources, including an interview with the CEO of the Siracusa Fan Token platform, the study investigates the adoption of a non-speculative, voucher-based token designed to enhance fan loyalty, support fundraising, and promote social responsibility initiatives. Rather than functioning as a financial asset, the token enables symbolic participation in non-strategic decisions, fostering emotional attachment and community engagement. Findings highlight that implementing fan tokens in minor league clubs requires a hybrid governance model, balancing symbolic fan involvement with managerial control. Key challenges include limited digital literacy, operational constraints, and compliance with MiCA regulation and related KYC and AML requirements. The study contributes to literature on stakeholder engagement, sports governance, and legal-tech innovation, offering insights for policymakers, managers, and technology providers. The Siracusa Calcio case provides valuable lessons for sport enterprises aiming to use blockchain for trust-building, community development, and regulatory compliance.