General
What is this thing and why is it called Fan-Owned SailGP Team?
We are the first Fan-Owned SailGP team and one of the first Fan-Owned professional sports team looking to make history. Our final team name is going to be approved and unveiled by ownership once we close – so in the meantime we are using Fan-Owned SailGP Team as a proxy. Catchy right!
What is the purpose of this site?
This site is where we are initially taking in owners and allowing for investments, but it will also ultimately house the governance technology, the community and the forum. We will also add NFT sales here. The official team website, like all teams from a sport perspective will be housed at SailGP.com.
DAO Membership
How many owners will there be in total?
There will up to 1,950 Owners – but there could be less and in addition there is Bernoulli | Locke as the founders who also have equity tokens.
What happens if the team does not raise the full $35M? (do I get my money back? Do we just push back a year?)
As an owner you will only supply funds once there have been enough commitments to raise the capital needed. Once we have reached those goals we will communicate with everyone and provide a few days for you to be able to submit your investment.
If enough money is not raised for Season 4, can the DAO team still compete in Season 5?
SailGP has worked with us to provide a number of options to compete in the league. As you can imagine there are a lot of timing variables associated with that. We are solely focused on 2023 right now to be a part of Season 4 as originally planned.
Process for Investing
I already filled out something on Fanvest.io - why do I have to do this too?
Fanvest.io was to help you hold your spot in line, now you can truly complete the process by setting up your account, signing the necessary documents and completing your validation to ensure we are compliant.
Why do I need to provide all this information?
We have tried to keep information required as minimal as possible – and yet there are compliance matters we are trying to ensure we meet.
Why are there so many steps required to invest?
It may seem like a lot however there are not that many. You basically are entering a confidentiality agreement to access the information, then once you review you can choose to be an investor. Once you’ve selected that path then you are required to complete the Know Your Customer (KYC) and Accredited Investor checks to ensure compliance.
When do I pay?
We will be having all the owners complete their funding at the same time when we are prepared to do our closing. We will provide everyone with a few day’s notice so that they can prepare to complete.
