Bermuda to form part of fan-owned SailGP team
Bermuda could form part of a new team in Sail GP at the start of next season.
Provisional approval has been granted for a fan-owned racing team across Bermuda and the Caribbean to be run by Bernoulli | Locke, a member-based technology company.
It is anticipated that interested fans that qualify will be able to purchase tokens and be able to vote on decisions ranging from the team name and flag, athlete selection, boat livery, fan benefits and access, sponsorship, management, team business decisions and more.
In a statement, Bernoulli | Locke said that this will be facilitated by way of a Decentralized Autonomous Organization, which is essentially a community that can self-govern and take on some aspects of a company. A DAO represents all users who comprise it and is an efficient way to organise a global community.
But it does come with a catch as the opportunity to participate is expected to be available to a limited number of individuals and institutions meeting financial and other applicable requirements according to near.org, the website for Near Blockchain, the platform which will host the DAO.
NEAR operates in a similar manner to other centralized data storage systems like Amazon Web Services (AWS) that serve as the base layer on which applications are built. But rather than being run by a single entity, NEAR is operated and maintained by a distributed network of computers.
The new team will be the tenth to compete in SailGp and join Australia, New Zealand, Great Britain, France, Canada, Denmark, United States and Switzerland in Season 4, which kicks off on June 17, 2023 and will comprise 14 events at iconic destinations around the globe, including an event held in Bermuda in May 2024.
If the new Bermuda and Caribbean team is to join the start line for the first race in Chicago, it needs to pass a strict set of requirements, including the creation of a constitution covering governance and legal oversight. It must use ownership tokens that comply with U.S. Securities Law and have a class of tokens available to all investors as well as employing a method to resolve disputes within the DAO community.
The Team Ownership Fee must be paid as well as funding annual operating costs for two seasons.
David Palmer, Bernoulli | Locke Founder and CEO, 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. Using the NEAR Protocol and the unique structure of the DAO we have established, we believe that we can achieve our goals with transparency and legal compliance, enabling the participation of an international community sharing a common sports interest and passion. We look forward to meeting the other teams on the water at the first race next season.”
SailGP CEO Russell Coutts said: “We look at the fan-owned team as the ultimate implementation of a loyalty program, and this new Caribbean & Bermuda team will redefine the fan experience and team ownership model.”
Anybody interested in becoming a part-owner and joining the DAO team are told to head over to FanVest.io to signal their initial interest.