Ask The Hard Ones First.

Because the room tells you that on page one instead of letting your lawyer find it on day thirty. The Delaware entity is in formation; the Form of SAFE is published as a draft, pre-counsel, deliberately — you are seeing the paper before the polish. Two commitments make this safe to engage with: nothing is signable until entity formation and counsel review are complete, and the assignment of all championship IP into the entity is a condition precedent to Tranche 1 — no capital wires before the company owns its assets. Formation is a workstream measured in weeks, running now.

Clean lines, stated plainly. All GT Global Championship marks, domains, content, and the nations-rights architecture are assigned to the championship entity at formation — that assignment is the condition precedent above. The Paddock Society is the championship's founding member community — a commercial relationship, separate books, no claim on championship IP. The founder's earlier ventures — including the national collegiate series he founded — are cited in this room as proof he has built racing organizations before, not as contributed assets; they are separate organizations with their own governance. The founder's personal token treasury funds his personal seed commitment (below) and never appears on the championship's balance sheet. No entity in this paragraph holds a claim on what investors are buying.

You are not being asked to create momentum — you are being invited into it. The founder seeded the program personally: an in-kind commitment, documented in a contribution ledger at entity formation and verifiable in diligence. An anchor-lead conversation is active and in structuring; counterparty identities are disclosed in diligence, not on public pages — a courtesy any anchor would expect. Syndicate participation opens through the lead's structure once it closes.

Both are real, and they serve different seats. Schedule A-2 (fixed percentage per tranche, 28% aggregate) is the lead-investor track — one anchor underwriting the program takes known ownership with no valuation fights. The tranched valuation caps are the syndicate default for participants joining alongside or after the lead. They reconcile through the follow-on reserve: post-lead syndication issues from the reserve first, then pro-rata across the investor pool. The cap-table scenarios in the economics workbook model both tracks — including the team option pool (5%), so dilution is stated, not hidden.

And the reconciliation a careful reader asks for: the SAFE's "~55% aggregate if all five tranches fund at cap" describes the syndicate track's maximum-price case — caps are ceilings, so 55% is the least a full-program syndicate would hold, before the option pool. The lead track's 28% is deliberately different money: fixed certainty, no cap risk, plus the strategic anchor package (exclusivities, board seat, first-position rights) that a purely financial check doesn't receive. One track prices risk; the other prices partnership. The workbook shows both grids side by side so nobody discovers the difference at conversion.

Control concentrates; economics don't: across the tranche ladder investors take up to ~40% (lead track: 28% + 5% pool + 7% reserve) of a property whose value the capital itself builds. The floor is the deal. It's stated on page one rather than discovered in the charter.

The brackets are the negotiation surface, and here are the proposed baselines so nothing is a mystery: Tranche 2 releases against 12 full-season GT3 entries (an entry = car, driver, and an entry agreement covering all nine rounds), nations participation of 2 by Tranche 3, 6 by Tranche 4, and 8 by Tranche 5, alongside the operational gates already fixed: rounds run, purse paid, broadcast delivered. Final numbers are set with the lead at definitive documentation — a draft that pre-decided them unilaterally would be the actual red flag.

Not the plan, and worth stating precisely — because a sharp reader will notice the current draft instrument's certificate package is officer-issued. That is the v0.2 draft showing its age, and this page is the binding intent that supersedes it: at counsel review, the instrument adds independent third-party verification of milestone certificates for every tranche beyond the first, and the entity produces audited annual financials from first close. Two of the gates verify themselves in public anyway — rounds either ran or didn't, and the broadcast either aired or didn't. The purse sits in escrow where the field can see it. Self-attestation is what this structure was designed to make unnecessary.

The structure's first protection is its shape: maximum exposure at any failure point is one season's tranche, because capital never funds ahead of delivered proof. At definitive documentation the instrument carries a defined step-down formula for partial delivery (a six-of-nine season adjusts the next tranche's terms by formula, not by renegotiation) and the standard SAFE waterfall governs wind-down — with one addition worth noticing: unspent purse escrow returns to the estate rather than evaporating. What the structure deliberately does not offer is a clawback of capital already converted into delivered seasons — nobody can un-run a race, and pretending otherwise would be theater.

One more protection worth stating: Tranche 1 funds sit in escrow until the closing conditions are satisfied — entity formed, IP assigned, counsel review complete — with full rescission if those conditions fail. Investor capital is never at risk against a company that doesn't exist yet.

Bathurst is the exception that proves the model is honest. The mountain is a public road; racing there means joining its established event structure — so the calendar lists it as a guest-round ambition, labeled as such. The operating spine is the other eight weekends, bought whole. Any venue that can't be exclusively hired is either slotted as a deliberate guest round or replaced by one that can — the model flexes at one-ninth of the calendar and owns the rest. A room that hid this would deserve the objection; this one published it.

The cap prices what Tranche 1 delivers, not what exists today: a complete, funded, world-championship-grade season — nine bought-out weekends, an escrowed $3.75M purse, a world feed, and a documentary — with every subsequent tranche re-priced against delivered proof. A cap is a ceiling, not a mark. And an investor who prefers certainty over caps takes the fixed-percentage lead track, where ownership is known on day one. Both doors are open; pick by temperament.

Invert it. Zero-revenue is the survival floor, not the forecast — the discipline that guarantees nine rounds run in year five exactly as in year one even if every commercial line lands late. Membership revenue exists from race one (treated as revenue, not the engine), and six revenue lines wait behind proof gates — each one that lands raises the floor under the valuation instead of propping up the operating budget. Most startup leagues die when revenue projections miss the budget they were holding up. This one cannot die that way.

Fair hit — now it gets the full answer. Key-person insurance is placed at first close. The championship's institutional knowledge is written, not tribal: run-of-show, circuit RFP package, technical regulations, and the economics workbook exist as executable documents a successor operator could run. Tranche-one budget funds the named operations bench — sporting director, race director, commercial lead — before round one. And governance at formation includes board continuity provisions. Founder-led is the model; founder-fragile is not.

The same three artifacts every sharp reader asks for, in the order they arrive: the formed entity with counsel-reviewed paper and IP assigned (formation underway — the gating workstream); a second signed venue (the RFP package is deposit-ready; circuit contracting begins the week funding closes, by design — deposits are tranche-one capital); and a first named commercial counterparty (the founding-partner window opens after season-one proof deliberately — selling the title of an unproven series is how new leagues sell cheap). The room doesn't ask you to believe; it shows you the order in which proof arrives — and Year One is designed to produce exactly those artifacts: three delivered events, real unit economics, an audience baseline, and signed venue hires, before the championship season asks for anything more.

Read the sentence precisely: what's held forever is the championship's ownership of its own crown jewels — country marks, team identities, media rights stay with the entity instead of being franchised away. That's not a vow never to sell the company; it's what makes the company worth buying. The exit paths, in the order the market has actually demonstrated them: franchise sales (SailGP's $5–10M launch teams now trade at $60M+, and its original anchor has already cashed out positions at those marks — the demonstrated liquidity path for this exact model); strategic acquisition — racing properties get bought: Liberty Media took Formula 1, Liberty Global took control of Formula E, and institutional capital has entered every major series this decade; and a listing remains open at scale. Investors convert at the first priced round and ride an entity that keeps everything an acquirer pays premiums for.

Name them, then: SRO's GT World Challenge is the category's backbone — regional championships in Europe, America, and Asia, with the Intercontinental GT Challenge linking a handful of endurance classics. IMSA owns American sports-car racing; WEC owns the world tour for prototypes with GT classes attached. All excellent, none of them this: no series runs a single global GT3/GT4 championship season with America inside it, built on purse economics, with owner-drivers and nations on the grid. The regional champions never meet in a season-long world title; the intercontinental linkage is a handful of pro-team endurance events, not a championship a team enters whole. That is the lane — verifiable by reading any of their calendars. This championship is built to be additive to the ecosystem those bodies created: same homologated machinery, same teams' existing cars, a purse that pays them more per weekend than any incumbent category, and a calendar designed around — not against — the majors. And where the closest structural cousin failed — A1GP's nations concept collapsed on TV-rights bets and federations that brought flags but not funding — this structure inverts both: media rights are deliberately outside the operating model (the budget never depends on them), and the nations program only operates a national entry when that nation's funding is signed — the anti-A1GP covenant, stated here as policy.

The technical answer first: the championship runs FIA-homologated GT3 and SRO-homologated GT4 machinery, adopted by reference, as delivered — the car in your shop is the car that races, no modifications, no bespoke homologation gate. Balance of Performance: championship-issued tables informed by the established category data everyone already races under, published before each event, with no mid-weekend changes — and the pre-season test exists precisely to set the baseline in public. Sanctioning: the championship contracts an established sanctioning partner for permits, officials, stewards, and the appeals path — the selection is an active workstream, named at definitive documentation, because naming it before terms are signed would be the kind of claim this room doesn't make. And the team-facing version of the escrow answer: the season purse is escrowed before entries open, and the escrow statement is available to every confirmed entrant — teams verify the money exists before a car ships anywhere. The sporting model itself is no longer an abstraction either: the race format (a single crewed 6-hour per round), the scoring, and the championship's signature No-Touch Standard — priced contact, the Honor Path, victim recompense, a public Clean Racing Index — are published in the operations pack, with the full regulations draft in diligence.

Fair standard; here's the verification path. An independent executive profile covering the founder's career is published by AtlantaTrend ↗ — third-party editorial, not this room's copy. The prior exits, funds, and ventures are matters of corporate record, and full CV, corporate documentation, and reference contacts are provided in diligence — the room deliberately doesn't publish private transaction documents to the open web, and a reader who wants them gets them by asking. What the room does publish is the operating evidence: the regulations, economics, risk pricing, and run-of-show documents on these pages are the founder's own work product — judge the operator by the artifacts.