Larry Ellison's Sailing League Gets Brazil Expansion Team Owned by Mubadala [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Mubadala Capital, an asset management firm owned by Abu Dhabi's sovereign wealth fund, has acquired an expansion team in the international sailing competition SailGP. 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. Article content “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
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