DAOs provide a novel governance structure for the democratisation of organisations. The combination of secure and transparent blockchain technology and consensus algorithms enable the management of organisations without a centralised authority. FCs exist as NPOs, community owned entities and profit-driven enterprises. However, top-performing FCs predominantly serve as investment vehicles for wealthy individuals and thus are managed less democratically. However, fans contribute to a FC's financial and non-finan-cial success. Therefore, including fans in decision-making is crucial for the relationship. This study provides insight into how a FC can be established as a DAO, focusing on more inclusive decision-making processes.

This paper represents the results of an iterative DSR approach. A literature review, a focus group discussion and expert interviews are conducted to develop a DAO FC model. The methodology mix and the iterative research allow a flexible approach to a novel topic. One iteration of the DSR approach is conducted to design, demonstrate and evaluate the DAO FC model.

The findings of this paper include the DAO FC model, which includes stakeholders and decision-making processes for a member-owned FC that is found as a DAO. The results can serve for further research, such as a member-owned DAO FC's legal and technical aspects. Furthermore, the results provide insight into voting functions – especially quad-ratic voting – and how they can be orchestrated in a DAO to maximise member inclusion.