I admit, when I first heard of this concept I thought it was laughable and guaranteed to fail if it was actually attempted...
After listening to Jack W on ATR I now have the opinion that it's the single most innovative thing I've seen with racing in the 15 years or so I've been closely following.
If you haven't listened to the vision laid out on Steve's show, I'd suggest you go to the archives and listen before dismissing the concept.
The most interesting aspect of all of this (to me at least) is that "non-racing" connections are apparently showing interest one of the 12 shares.
If they can execute as planned this is much more than just a $12M race.
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