Sailing-Ainslie takes majority in Great Britain SailGP franchise

Ben Ainslie has taken a majority ownership in the franchise for the Great Britain SailGP Team he leads, the British sailor and SailGP said on Wednesday, the first such move by one of the crews in the $1 million prize competition. SailGP, established and bankrolled by Oracle Chairman Larry Ellison, is run by veteran New Zealand yachtsman Russell Coutts who is working to turn it into a self-sustaining circuit which appeals to a far wider audience than sailing has previously.

Ben Ainslie has taken a majority ownership in the franchise for the Great Britain SailGP Team he leads, the British sailor and SailGP said on Wednesday, the first such move by one of the crews in the $1 million prize competition.

SailGP, established and bankrolled by Oracle Chairman Larry Ellison, is run by veteran New Zealand yachtsman Russell Coutts who is working to turn it into a self-sustaining circuit which appeals to a far wider audience than sailing has previously. Ainslie, who is the most successful Olympic sailor and is separately embarking on his third attempt to win the America's Cup for Britain, said he had exercised an option to own the franchise with the help of private investor Chris Bake.

"With new teams, owners and partners coming into SailGP the league is in a very exciting commercial space right now. SailGP has the commitment from Larry Ellison to take sailing where it has never been before," Ainslie said in a statement. SailGP's second season is due to resume in Cadiz, Spain, for the final event of its European leg this weekend, with eight teams in F50 catamarans which "fly" above the water on hydrofoils and have hit nearly 100 kilometres per hour.

"We look forward to welcoming like-minded partners to the GB team who share our ethos and our drive to push forward positive change," Ainslie added, with reference to SailGP's aim to be "100% powered by nature, both on and off the water" by 2025, as well as its plans to include women and young sailors. Bake, who is a member of the executive committee at energy and commodities trading group Vitol, previously invested in Ainslie's 35th America's Cup campaign and owns a team in the RC44 racing class, which was inspired and co-designed by Coutts.

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