Deal values global sailing league at £155m ($200m)
Sports and entertainment giant Endeavor has acquired a minority stake in SailGP, in a deal that values the global sailing league at £155m ($200m) after its first season.
SailGP takes place in harbours around the globe and culminates with a $1 million (£770,000) winner-takes-all match race. Rival national teams battle it out in identical supercharged F50 flying catamarans at speeds exceeding 50 knots, or nearly 60 mph.
As part of the investment, SailGP says it will benefit from access to the Endeavor network’s expertise across content production, media rights distribution, creative services, licensing, sponsorships and consumer marketing.
SailGP CEO Sir Russell Coutts said: “Endeavor’s partnership with SailGP represents a pivotal moment in our young and developing history. It strengthens our position going into our second season and signals the projected long-term value of SailGP. This is the start of a new era in our sport, and we couldn’t have a better partner than Endeavor.”
Endeavor president Mark Shapiro said: “SailGP is transforming the way people view sailing. For the first time, the sport is being packaged in a broadly appealing, consumable, consistent and exciting format, bringing it in line with some of the world’s top sporting events. If the first season is any indication, SailGP has incredible potential and strong value for its partners, and we look forward to helping forge the future of the league.”
SailGP Season 2 kicks off February 28-29 in Sydney.