SailGP, the high-octane sailing series often likened to 'Formula 1 on water', is firmly setting its sights on a new phase of growth after successfully staging its first European leg of the season in Portsmouth. The event, held in the historic naval city, drew significant crowds, captivated by the sight of 13 F50 catamarans racing at high speed against the backdrop of the Spinnaker Tower and the Solent.
Co-founded five seasons ago by Oracle billionaire Larry Ellison, SailGP is now moving beyond its initial financial backing. The series has transitioned to a model where all 13 competing teams are privately owned, with a 14th team, reportedly from the Middle East, anticipated to join the roster in 2027. Long-term plans envision expanding the fleet to 20 boats, with new race locations being explored in regions such as Mexico and South Korea, underscoring the organisation's global ambitions.
The burgeoning value of the franchises reflects this growth trajectory, with teams now being shopped around for upwards of £50 million. This financial appeal has also attracted high-profile investors, with celebrities like Kylian Mbappe backing the French team, Hugh Jackman supporting the Australian contingent, and Anne Hathaway investing in the Italian team, adding a layer of star power to the sport.
While SailGP does cater to a broad audience, with grandstand tickets priced around £30, there is a clear strategic push to lean into a more premium, aspirational offering. The experience in Portsmouth highlighted the potential for a 'Formula 1 flavour', where the sheer number of fans creates a vibrant atmosphere, but a refined hospitality offering becomes the truly sought-after ticket. The series aims to cultivate an event that non-sailing enthusiasts feel compelled to attend, particularly across its European dates.
The UK event's success, strategically timed to avoid clashes with other major sporting fixtures and located within easy reach of London, demonstrated this blend of appeal. It attracted both dedicated local fans and day-trippers seeking a spectacular event. As the F50 catamarans continue their European tour, with upcoming stops in Germany, Spain, and Switzerland before a double-header in the Middle East to conclude the season, SailGP appears committed to embracing this sense of grandeur and elevating its status as a must-attend global sporting spectacle.