Larry Ellison's Sailing League Gets Brazil Expansion Team Owned by Mubadala [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
In a deal set to be announced Friday, the new team will represent Brazil as the league's 11th team and its first squad from South America. It will be operated by IMM, a Brazilian sports and entertainment firm led by former Olympic sailor Alan Adler. Financial terms of the agreement weren't disclosed. “There's a rich sailing history in Brazil,” SailGP Managing Director Andrew Thompson said in an interview. “We can see there's a groundswell of support for establishing a team in the country.” SailGP, a championship where teams race 50-foot foiling catamarans, was started by Oracle Corp.'s billionaire co-founder Larry Ellison and yachtsman Russell Coutts in 2019 and has been selling off its remaining league-owned teams to private owners. In November, SailGP sold the US team for more than $40 million. Thompson said the Brazil sale is its biggest transaction to date without disclosing the exact size. Mubadala is already entwined with SailGP through other projects. It's an existing sp
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