Ambitious plans to launch a fan-owned SailGP Bermuda team in time for Season 4 have been dashed after the deadline to raise the required funds was not met.

The original February deadline, which would have allowed the team to make the start line for the upcoming season-opening event in Chicago on June 16, 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.

Despite being granted an additional month until the end of March, team founders Bernoulli Locke, an investment and experiences company headed up by David Palmer and Jerry Stone, have again extended the investor deadline until June 16, the date of Season 4’s first race in Chicago.

While that could allow the team to compete later in the campaign — depending on clearance from SailGP — it appears more realistic that the team could be launched ahead of Season 5, a contingency that was in place in the founder’s original white paper proposal sent out to possible investors.

“Launching a Caribbean and Bermuda-based professional sail racing team with SailGP, is the first time we are making this mission a reality. This is a new concept, not like buying something from Amazon,” said co-founder Palmer in a letter to The Royal Gazette.

“It is with this conclusion that we have decided to update the close date for investments to June 16, 2023 — the official launch date of SailGP Season 4 in Chicago to allow for more discussions.

“We have listened to interested parties and realise the importance of guiding and counselling each individual throughout the entire process — and really discussing how this is as much a life enhancement as it is a small investment.

“In addition to extending the time to help educate interested fans, these extra weeks also allow us to bring on an advisory board of sport leadership, other sport franchise owners and additional influential expertise.

“This group will further our efforts to create both a winning team and design a fulfilling ownership experience that brings us all together in new and meaningful ways.

“Through my previous experience orchestrating deals in public company ventures with teams and leagues like the New York Yankees, the San Francisco Giants and the Washington Commanders, it is unpredictable to understand what represents the most seamless investing process in each instance.

“We have learnt a lot over the past few months, and at the top of that list is that buying into a sports franchise [tax implication, ownership rights and fund transfers] cannot be easily facilitated simply with an e-commerce approach — something we better understand now.”

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, ahead of launching the first set of NFTs at Consensus 2023, a cryptocurrency, blockchain and Web3 event hosted by CoinDesk, in Texas from April 26 to 28.

“As founders, my partner and I have spent time both on stage and one-to-one at events including The Miami International Boat Show, Quantum Miami, NBA All-Star Weekend, ETH Denver, NFT LA and the West Palm Beach International Boat Show.

“We have spoken to a myriad of people — and it is a universal truth that most of us are looking for things that add excitement to our lives. We believe this is 100 per cent the case when we are more invested in what we love, and part of a like-minded community.

“Additionally, I am excited that we will be launching our first set of NFTs for our SailGP team at Consensus, where I will be speaking, as well as meeting, with both committed and new, interested potential community members and investors.

“We remain enthusiastic and committed to adding depth and dimension to life, changing the landscape of ownership and owner-community experiences.”