With a few weeks before its second season of competition kicks off, SailGP has sold a minority stake in its league to Endeavor, the global entertainment, sports and content company, that values the league at $200 million.
SailGP will get access to the Endeavor network of content production, media rights distribution, creative services, licensing, sponsorships and consumer marketing as part of the investment. Endeavor is comprised of, among other entities, entertainment agency WME; sports, fashion, events and media company IMG; and mixed martial arts organization UFC.
SailGP CEO 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.”
The second season starts February 28 in Sydney with stops later this year in San Francisco, New York, Cowes, London and Copenhagen, Denmark. SailGP’s headquarters are in London and New York and the league is built upon rival national teams racing in identical supercharged F50 catamarans, engineered for racing at speeds exceeding 60 miles per hour.
“SailGP is transforming the way people view sailing,” Endeavor President Mark Shapiro said. “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.”