SailGP: ‘biggest deal in sailing history’
USA SailGP Team helmed by Taylor Canfield in action during a practice session on Race Day 1 of the KPMG Australia Sail Grand Prix in Sydney, Australia. Saturday 24th February 2024. Photo: Ricardo Pinto for SailGP. Handout image supplied by SailGP
Hamlins supported long standing client, SailGP, the purpose-led global racing league, on the biggest deal in sailing history, the purchase of the SailGP United States team for US$70m, which was announced in November 2023.
SailGP was founded in 2018 by Larry Ellison and Sir Russell Coutts, as a revolutionary new global sporting format, aimed at redefining the sport of sailing. National teams compete on 50-foot, wing-sailed catamarans across a season of grand prix in iconic locations across the globe.
The SailGP United States team was purchased by an investment group comprising technology investor and founding Uber engineer Ryan McKillen (the team’s Chairman) and his wife, Margaret McKillen; two-time world champion sailor Mike Buckley, the team’s new CEO; alongside a diverse group of investors representing the sport, technology, entertainment and media industries. It is the largest team acquisition in SailGP history.
Hamlins supported SailGP throughout the deal, advising on all aspects and working on a cross-border basis. This was a very complex and high-profile transaction with multiple parties, advisors and territories to consider. The deal was achieved on a very right timeline to enable the new owners to take part in the remaining events of the SailGP Season 4.
The purchase generated extensive media coverage owing to the high profile purchasers and the deal value.
SailGP is the first climate-positive sport and entertainment property. It aims to accelerate the transition to clean energy, and its focus on leading the development of sustainable initiatives makes it a compelling brand for like-minded partners.