Sailing-New Zealand SailGP team bought by MSP Sports Capital

MSP Sports Capital has acquired a majority stake in New Zealand's SailGP team, the Black Foils, led by Pete Burling and Blair Tuke, in a deal that adds to the private equity firm's sports portfolio.

New York-based MSP Sports ​Capital have bought a majority stake ​in New Zealand's SailGP ‌team, the ​league's organisers said on Friday, adding to a private equity portfolio that includes the X Games League and ‌several European soccer clubs.

The acquisition of the Black Foils, who are led by multiple America's Cup and Olympic winners Pete Burling and Blair Tuke, means that all 13 national ‌teams in the league are now owned by strategic third party partners, ‌SailGP said in a statement. SailGP was set up in 2019 by Oracle founder Larry Ellison and America's Cup veteran Russell Coutts using a centrally owned business model for the teams, who race in ⁠identical ​50-foot (15-metre) catamarans, with the ⁠aim of moving them to private ownership.

"Our vision is straightforward: win championships, represent New Zealand at ⁠the highest level, and build on the country's unmatched sailing culture," said MSP Sports Capital ​CEO Jeff Moorad. Financial terms of the deal were not disclosed. Burling and Tuke ⁠will continue as co-CEOs of the New Zealand SailGP team, who are due to return to ⁠the ​start line at this weekend's SailGP event in Halifax, Canada in a brand-new F50 following a high-speed crash with the French team in February, in which ⁠several crew members were injured.

"Today's an incredibly important milestone for the Black Foils – and ⁠the start of ⁠an exciting new chapter for us in SailGP," said Burling, who last year quit the New Zealand America's Cup team ‌to helm ‌rival Italy's Luna Rossa.