SailGP announces the creation of a new team in Bermuda and the Caribbean, which will be fan-owned. It will be the tenth participant in the competition. Bernoulli | Locke, a member-based community that creates new partnerships and immersive experiences using innovative Web3 structures, has announced that it is launching a SailGP fan-owned racing team in Bermuda and the Caribbean.
This new team would participate in the fourth season. The fourth season will consist of 14 events in iconic destinations around the world and will kick off on 17-18 June 2023 with the United States Sail Grand Prix; Chicago at Navy Pier, and will include an event held in Bermuda in May 2024.
This is an innovative model in which the fans will own and manage the entity and their decisions will be key to the future of the team. Using a DAO (decentralised autonomous organisation) structure and built on the NEAR Protocol, it is expected that this team will open up new opportunities in sports ownership and fan involvement.
It is expected that interested and eligible fans will be able to purchase tokens, NFTs.... Provided they are offered by the DAO, which provide governance rights (in the DAO), including the right to vote on important matters related to the team. The owners of the sports team will be able to vote on decisions ranging from the team name and flag, athlete selection, boat decoration, benefits and fan access, sponsorship, management, team business decisions, etc.
Fans can take the first step to participate in this historic new team by indicating their initial interest on FanVest.io. The opportunity to participate in this project is expected to be available to a limited number of individuals and institutions that meet the financial and other applicable requirements, obviously.
"This historic partnership elevates fandom to a whole new level and creates a model for building a success story for the use of Web3," said Marieke Flament, CEO of the NEAR Foundation. "The launch of this fan-owned team breaks down the hierarchy of the sport, giving enthusiastic spectators the opportunity to play an active role in shaping the future of competitive sailing, democratising access to the sport and allowing fans to collectively own and manage a team like never before."