SailGP fans now have the opportunity to become founding members of the league’s first ever fan-owned racing team.
The team, which was founded by Bernoulli | Locke and will be run as a decentralized autonomous organization (DAO) on the NEAR Protocol, is now accepting a total of 1,950 accredited investors purchasing between one and 40 equity tokens for $5,000 each.
The tokens grant founding members equity, governance and voting opportunities in team decisions, as well as exclusive member benefits and team experiences.
Key benefits include the opportunity to attend member-only experiences including owner parties, community meet ups, race day activities, and travel experiences designed for fan owners.
Founding members will also be able to collaborate with fellow fans and owners on proposals, and vote on key team operation decisions, from athlete selections to the livery of the F50.
In addition, it is expected that fans will be able to own a seasonal membership pass (through purchasing and holding an NFT) that provides pass holders access to the community as well as governance, but not equity.
Representing Bermuda and the Caribbean, the team is aiming to raise a total of $35m, which includes start-up costs and two seasons of runway on operating expenses, in time to participate in Season 4.
Speaking about the launch of the fan-based team, David Palmer, Bernoulli | Locke Founder and CEO, previously said: “With our partners, we are delighted to bring a new and exciting level of engagement and participation for sports team owners and fans and add a new participant in SailGP. Our goal is to have a vibrant community of owners and fans jointly sharing the incredible journey of establishing and operating a competitive global racing team.”
To find out more about SailGP’s first fan-owned team, visit fanownedsailgpteam.com.
For all your questions answered, read our fan-owned team 101.