Changes to fan-owned SailGP team

The SailGP league’s pursuit of a fan-owned team got off to a slow start that has required extending deadlines as to whether the team can be confirmed in time for when fourth season begins on June 17-18 in Chicago, IL

Announced in November 2022, the timeline initially required 2000 people to invest $2000 US by January 15, 2023. However, finalizing all of the required investor and subscription documents took longer than anticipated, which delayed the opening until January with a new target closing date of the end of March.

Additional changes to becoming a SailGP team owner also increased the required investment for fans. Here’s the latest update from SailGP:

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 get started: https://www.fanownedsailgpteam.com/
• Additional questions: https://sailgp.com/general/sailgp-fan-team/101-questions-answered/

Editor’s note: If you divide $35m by $5k, that’s 7000 tokens for an average of 3.59 tokens or nearly $18k per person. That’s quite a bump from the initial plan of $2k per person

SailGP information – Australia details – Season 3 scoreboard – YouTube – How to watch

Season Three Standings (after eight of 11 events)
1. Australia (Tom Slingsby), 68 points
2. New Zealand (Peter Burling), 59 points
3. Great Britain (Ben Ainslie), 54 points
4. France (Quintin Delapierre), 53 points
5. Denmark (Nicolai Sehested), 51 points
6. Canada (Phil Robertson), 45 points
7. United States (Jimmy Spithill), 43 points
8. Spain (Jordi Xammar), 24 points
9. Switzerland (Sebastien Schneiter), 23 points

PENALTIES
• Spain SailGP Team: Docked two points in Season Championship for four-point penalty at Plymouth
• Switzerland SailGP Team: Docked two points in Season Championship for four-point penalty at Saint-Tropez
• United Stated SailGP Team: Docked four points in Season Championship for eight-point penalty at Saint-Tropez
• New Zealand SailGP Team: Docked two points in Season Championship for four-point penalty at Dubai; Docked two points in Season Championship for four-point penalty at Singapore

2022-23 SailGP Season 3 Schedule
May 14-15, 2022 – Bermuda Sail Grand Prix presented by Hamilton Princess
June 18-19, 2022 – United States Sail Grand Prix | Chicago at Navy Pier
July 30-31, 2022 – Great Britain Sail Grand Prix | Plymouth
August 19-20, 2022 – ROCKWOOL Denmark Sail Grand Prix | Copenhagen
September 10-11, 2022 – France Sail Grand Prix | Saint-Tropez
September 24-25, 2022 – Spain Sail Grand Prix | Andalucía – Cádiz
November 12-13, 2022 – Dubai Sail Grand Prix presented by P&O Marinas
January 14-15, 2023 – Singapore Sail Grand Prix
February 18-19, 2023 – Australia Sail Grand Prix | Sydney
March 18-19, 2023 – New Zealand Sail Grand Prix | Christchurch
May 6-7, 2023 – United States Sail Grand Prix | San Francisco (Season 3 Grand Final)

Format for 2022-23 SailGP events:
• Teams compete in identical F50 catamarans.
• Each event runs across two days.
• There are three qualifying races each day for all nine teams.*
• The top three teams from qualifying advance to a final race to be crowned event champion and earn the largest share of the $300,000 prize money to be split among the top three teams.
• The season ends with the Grand Final, which includes the Championship Final Race – a winner-takes-all match race for the $1m prize.
* Qualifying schedule increased from five to six races at France SailGP.

For competition documents, click here.

Established in 2018, SailGP seeks to be an annual, global sports league featuring fan-centric inshore racing in some of the iconic harbors around the globe. Rival national teams compete in identical F50 catamarans for event prize money as the season culminates with a $1 million winner-takes-all match race.

Source: SailGP, Scuttlebutt