Larry Ellison’s SailGP and Near Protocol to Create a DAO for Sports Team Ownership

Members of the decentralized autonomous organization will be able to determine athlete selection, team management and team strategy.

AccessTimeIconMar 24, 2022 at 3:00 p.m. UTC
Updated Mar 30, 2022 at 12:52 a.m. UTC

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Global sailing league SailGP – founded by Oracle Chairman Larry Ellison – and the Near Protocol are creating a decentralized autonomous organization (DAO) to enable fans to be owners of sports teams, according to a statement on Thursday.

  • "We are ushering in a brand-new era of entertainment by combining sports and technology to elevate the fan experience to a level that has never been seen before, and we’re proud to be leading the way alongside a like-minded organization that shares our core values and vision," Marieke Flament, CEO of the Near Foundation, the non-profit entity that oversees development on the Near blockchain, said in the statement.
  • A DAO is a blockchain-based form of organization or company governed by code, rather than leaders. Anyone who purchases the DAO's native token has the right to vote on important matters related to the DAO. The Near Protocol's native token, NEAR, is trading 7% higher today.
  • The DAO team could join the SailGP lineup as soon as Season 4 in 2023. Members of the DAO will be able to determine athlete selection, team management and team strategy.
  • Also part of the multi-year partnership, Ellison's sailing league and Near's developers will work on integrated technology and research and development initiatives, such as ticketing, non-fungible tokens (NFTs), app integration and gaming, as well as global Web 3 community development.
  • "We welcome NEAR to the SailGP family and we are looking forward to them participating in the most exciting racing on-water, featuring the world's best sailors," Ellison said in the statement.
  • DAOs have been growing in popularity, with Bessemer Venture Partners launching a DAO and another DAO raising $3 million for Ukraine last month as recent examples.

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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

CoinDesk - Unknown

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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