Producer of Kevin Costner show Horizon invests in Bermuda SailGP team
Another celebrity investor has poured some funds into the new fan-owned SailGP Bermuda team.
Media executive and motion picture producer Charlie Lyons has officially committed to the team as an investor and an adviser, joining two-times NBA All-Star Baron Davis, with both in attendance at last month’s Season 4 event in Los Angeles along with other members of the ownership base.
Lyons was previously chief executive officer at Ascent Entertainment Group, which at the time owned the Denver Nuggets and the Colorado Avalanche.
While at Ascent, he led the purchase of the Quebec Nordiques and relocated the team to Denver to become the Avalanche. Lyons is also an established film and TV producer, serving as executive producer of Kevin Costner’s western saga Horizon. The first two movies are complete and in post-production.
As an entrepreneur and motion picture producer, Lyons has generated more than $2 billion in revenue, and has produced dozens of critically acclaimed films and plays including Air Force One, The Water Horse, Open Range and Bring It On: The Musical, which earned him two Tony Award nominations.
“Charlie's unique vision and talent add great value to our investor pool,” team founder David Palmer said.
“We're thrilled to have him on-board as an investor and adviser while we grow our community of passionate investors and owners.
“His extensive experience in sports and entertainment brings valuable insights, and we appreciate his belief in our mission to empower fans to invest in their passions."
Lyons follows on from Davis as a primary investor, with the former Charlotte Hornets, Golden State Warriors, Los Angeles Clippers, Cleveland Cavaliers and New York Knicks player relishing the opportunity to be involved.
The fan-owned team, which is aiming to become the eleventh team in the international sail racing league, had initially hoped to launch in time for Season 4.
However, those ambitions were dashed after deadlines to raise the required funds were not met.
The original February deadline and subsequent additional month afforded to them, which would have allowed the team to make the start line for this season’s opening event in Chicago in June, passed without the group reaching the $35 million needed to cover the first two years of operating expenses and meeting the requirements of the SailGP League Participation Agreement to activate the team licence.
It now appears more realistic that the team could be launched ahead of Season 5.
Despite the setback, Palmer is adamant there has been significant interest from possible investors to form the required Decentralised Autonomous Organisation as well as from non-owner fans to join the “FanPass NFT Holder” scheme and purchase non-fungible tokens – a unique digital identifier that cannot be copied – with prices ranging from $100 to $500.
“There is a meaningful market of interest to fill 1,950 owners with a minimum investment of $5,000 up to a maximum of $200,000 and we have already had north of 3,000 inquiries,” added Palmer.