First Fan-Owned Team Launches on NEAR
November 10, 2022 — NEAR Team
Sports team ownership is on the verge of a watershed moment, and it’s happening on NEAR. Bernoulli I Locke’s member-based community is using NEAR’s Web3 technology to launch a fan-owned racing team in the SailGP international sailboat racing competition.
To pull this fan-owned team off, Bernouilli I Locke will use a DAO structure built on the NEAR Protocol. Launching Bermuda and across the Caribbean, this new, DAO-powered team will create new opportunities for fan engagement and sports ownership alike.
The DAO-owned team hopes to be the tenth squad in the SailGP league. The team is expected to debut in Season 4, which will comprise 14 events at iconic destinations around the globe. Season 4 kicks off June 17–18, 2023 with the United States Sail Grand Prix | Chicago at Navy Pier, and includes one event held at the team base in Bermuda in May 2024.
How the DAO will power the fan-owned team
A Distributed Autonomous Organization, commonly known as a “DAO”, is a blockchain-based organization with governance managed transparently by its community. Fans interested in owning a part of the SailGP team will be able to purchase tokens that provide governance to the DAO-and with it, the right to vote on important team matters.
The sports team’s owners will be able to vote on decisions like team names, new flag design representing overall territory, and even team athlete selection. Fan owners will also be able to help make decisions on boat livery, fan benefits and access, sponsorship, management, team business decisions, and more.
“Last month we shared that we had updated our SailGP Participation Agreement to allow a DAO owned team to join the league and now we are very excited to see David Palmer and his team of founders at Bernoulli | Locke forming a team under these amended rules,” said SailGP CEO and Co-founder Russell Coutts. “David and his team have a unique marketing and operational background building global membership-based communities — demonstrating the unique expertise required to launch and assist in operating a fan owned team facilitated by a DAO.”
“Professional sport is about building a passionate fanbase, and as a tech-forward global league SailGP has leaned into Web3 to develop the future of fandom,” Coutts continued.
“We look at the fan owned team as the ultimate implementation of a loyalty program, and this new Caribbean and Bermuda team will redefine the fan experience and team ownership model. It is a testament to the power of our relationship with NEAR hat a decentralized team can be created to ultimately provide control of a team to a passionate community of fans.”
How to join the historic fan-owned team
Fans can take the first step in getting involved in the new DAO team by heading over to FanVest.io to signal initial interest. The opportunity to participate is expected to be available to a limited number of individuals and institutions meeting financial and other applicable requirements. (See Legal Disclosure/Disclaimer below.)
Fans will also be able to own a seasonal membership pass through the purchase and holding of an NFT. This NFT provides season pass holders access to community as well as governance but not equity.
“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,” said David Palmer, Bernoulli | Locke Founder and CEO. “Our goal is to have a vibrant community of owners and fans jointly sharing the incredible journey of establishing and operating a 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,” he added. “We look forward to seeing everyone on the water at the first race next season!”
“This historic partnership elevates fandom to a completely new level and creates a blueprint for building a successful use case for Web3,” said Marieke Flament, CEO of the NEAR Foundation. “Launching this fan owned team breaks down the hierarchy of sport, giving enthusiastic spectators the chance to play an active role in shaping the future of competitive sailing by democratizing access to the sport and allowing fans to collectively own and manage a team like never before.”
For further details, please visit FanVest.io
LEGAL DISCLOSURE/DISCLAIMER The information contained in this press release is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any equity tokens offered for sale by the DAO. An offering to invest in equity tokens of the DAO will be made only to accredited investors in accordance with U.S. Securities and Regulations by a private placement memorandum or equivalent information, subscription agreement, and other relevant documentation which should be read in their entirety. Any ultimate offering may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of acceptance given. An indication of interest involves no obligation or commitment of any kind. Information in this release is not financial/investment advice.
Originally published at https://near.org on November 10, 2022.