LONDON, Feb 6 (Reuters) - SailGP said on Thursday it had sold a minority stake to sports and entertainment group Endeavor in a deal valuing the fledgling sailing event backed by Oracle's billionaire founder Larry Ellison at $200 million.
"Endeavor's partnership ... strengthens our position going into our second season and signals the projected long-term value of SailGP," its CEO Russell Coutts said in a statement.
SailGP, which is raced in identical F50 foiling catamarans and culminates in a $1 million winner-takes-all match race, said it will gain from access to Endeavor's expertise in areas including content production, media rights distribution, licensing, sponsorship and consumer marketing.
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Spain sets sights on SailGP after China jumps ship
Denmark joins sea battle for SailGP's $1 million prize
Ainslie adds SailGP to INEOS Team UK's pursuit of America's Cup
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(Writing by Alexander Smith;
Editing by Jason Neely)
((alex.smith@thomsonreuters.com; +44 20 7542 8983; Reuters
Messaging: alex.smith.thomsonreuters.com@reuters.net)
"Endeavor's partnership ... strengthens our position going into our second season and signals the projected long-term value of SailGP," its CEO Russell Coutts said in a statement.
SailGP, which is raced in identical F50 foiling catamarans and culminates in a $1 million winner-takes-all match race, said it will gain from access to Endeavor's expertise in areas including content production, media rights distribution, licensing, sponsorship and consumer marketing.
/><^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Spain sets sights on SailGP after China jumps ship
Denmark joins sea battle for SailGP's $1 million prize
Ainslie adds SailGP to INEOS Team UK's pursuit of America's Cup
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Writing by Alexander Smith;
Editing by Jason Neely)
((alex.smith@thomsonreuters.com; +44 20 7542 8983; Reuters
Messaging: alex.smith.thomsonreuters.com@reuters.net)