SailGP has crossed a significant finish line, as MSP Sports Capital seals the deal to buy out the New Zealand team, marking the final piece in the league's privatisation puzzle. It's a move that brings a sense of closure and new beginnings – 13 teams now under private ownership, each with its own unique backers and ambitions.
MSP Sports Capital is no stranger to the world of high-stakes sports investing, having previously held a stake in McLaren's Formula 1 team, which they sold last year. The firm also backed Everton Football Club with a £185 million loan for their state-of-the-art stadium. This latest investment in SailGP shows just how captivated major players are by the high-speed thrill of catamaran racing.
Sir Russell Coutts, co-founder and CEO of SailGP, beamed with pride over this milestone, saying, "We set out to create something world-class, something investors would want to own." He credits MSP Sports Capital's involvement, led by Jahm Najafi and Jeff Moorad, as a testament to their vision. With Oracle billionaire Larry Ellison by their side, Coutts has been instrumental in luring private investment to the league's teams.
The Black Foils, New Zealand's SailGP Team, was the last team standing under organiser ownership, but now it joins its counterparts backed by A-listers and sports giants alike – from Ryan Reynolds and Hugh Jackman (Australia) to Anne Hathaway (Italy), Kylian Mbappe (France, supported by Ares Management), and Mubadala Capital's backing of Brazil.
Jahm Najafi hailed MSP Sports Capital's belief in SailGP as "one of the fastest-growing sports leagues globally." Jeff Moorad, CEO of MSP, outlined their straightforward mission for the New Zealand team: "Win championships, represent New Zealand at its best, and build on the country’s incredible sailing legacy." He also praised Peter Burling and Blair Tuke as the world's top sailors. This pivotal announcement comes just ahead of the Canadian leg and the Portsmouth races in late July.