British Olympic sailor Sir Ben Ainslie has secured further investment from London-based private fund Misland Capital for the SailGP Great British team.
One year since securing the option to become the first privately owned team in the purpose-led global sailing boat racing league, Misland Capital joins Ainslie and Chris Bake as owners of the SailGP Great British Team at a valuation of $40m (£33m).
The split in ownership sees Ainslie retain the majority of shares with Bake and Misland Capital holding equal secondary shares.
When Ainslie first entered SailGP in Season 2 as driver of the British team, he made a long-term commitment to the League. Chris Bake was the first to invest in the team, with Larry Ellison’s Oracle Racing Inc. retaining a 10% minority equity stake.
The Misland Capital investment now gives ownership to Bake, Misland Capital and Ainslie – who is the only athlete in the league to hold ownership out of the nine competing teams.
Misland Capital already has considerable experience in the leisure industry and an ongoing relationship with the global league, having secured a title partnership for the Bermuda Sail Grand Prix in 2022.
A spokesperson from Misland Capital, said, “Both the Great Britain team and SailGP have been doing brilliant work to grow the sport, take action against climate change and focus on bringing gender equity to the sport by providing training pathways for success. We are truly excited to join the Great Britain SailGP Team.”
Ainslie added, “It’s fantastic Misland Capital has opted to join the team. With Season 3 seeing unprecedented growth in the form of an expanded global calendar, increased teams, new owners, commercial partners and history breaking viewing figures – Season 4’s calendar looks on a strong growth trajectory. As SailGP continues to grow, hopefully we’ll see more teams become privately owned with inward investment.”
Now in its third season, SailGP has grown from six teams to nine, and five events to 11 – all set at iconic locations around the world (including San Francisco and Chicago); with more expansion on both fronts already announced for Season 4.
The Great Britain SailGP Team return to action for the inaugural Singapore Sail Grand Prix on the 14/15th January 2023 following a podium finish and an exciting final race at the previous event in Dubai.
SailGP has announced a multi-year, national partnership with New Zealand building supply company ITM.
The deal will see ITM become the title partner of the ITM New Zealand Sail Grand Prix which takes place in Christchurch on 18th – 19th March 2023.
ITM will also sponsor the ITM New Zealand Sail Grand Prix in Auckland the following year.
ITM joins a suite of established partners behind next summer’s event, demonstrating the commercial growth of SailGP in New Zealand and around the world, and the pinnacle status of the event itself – already a sell-out success in its first-ever iteration.
Karl Budge, Chief Commercial Officer and Head of the New Zealand event, said, “We’re delighted to make our New Zealand debut on Whakaraupō, Lyttelton Harbour in just one hundred days, and grateful for the support of ITM over upcoming seasons. It’s fantastic for us to have an established, multi-year relationship with such a respected Kiwi company and we can’t wait to bring the partnership to life this summer and beyond.”
Sail GP Chief Executive Darrin Hughes, said, “We’re proud to be behind the ITM New Zealand Sail Grand Prix events in Christchurch in 2023, and Auckland in 2024. The SailGP team is delivering a world-class event on our doorstep, leading the way in sustainability, innovation, and sports entertainment. The passion and dedication of SailGP aligns with the ITM purpose and values of commitment to community.”
