The US team of international sailing competition SailGP has been acquired by investors in the sport’s biggest team deal to date.
The deal significantly surpasses the $40 million valuation for the UK’s Emirates GBR sail team earlier this year, according to a person familiar with the matter, who asked not to be identified discussing private information.
The international championship, in which competitors race F50 foiling catamarans, is attracting more independent owners. The group acquiring the US team was led by former Uber Technologies Inc. executive Ryan McKillen and world champion sailor Mike Buckley. They’re joined by former Milwaukee Bucks co-owner Marc Lasry’s Avenue Sports Fund.
A set of celebrity backers are involved too, as the sport looks to expand its following in the US. The group includes actress Issa Rae, pro boxer Deontay Wilder, entrepreneur Gary Vaynerchuk and NFL players DeAndre Hopkins and Roquan Smith.
This season of SailGP includes 13 races in locations around the world such as Saint-Tropez, Auckland and Bermuda. The final is set for San Francisco in July.
Started by Oracle Corp.’s billionaire founder Larry Ellison and yachtsman Russell Coutts in 2019, SailGP initially owned all its teams but has courted private owners since launching. Only three of the 10 teams will remain under league ownership as talks progress for other team sales, according to league management.
Coutts said that Team USA’s sale is the largest deal for a sail team in the sport’s history.
“This is a momentous day not only for the league, but also for the sport as a whole,” Coutts said.
The new owners will look to be more competitive in a league dominated by their Australian rivals, helmed by Tom Slingsby, who’ve won all three SailGP championships to date and lead the standings this year.
Taylor Canfield, a seven-time world champion sailor, has been appointed team driver for Team USA, which is currently sitting in third place.
