SailGP leaders sees racing series breaking even by 2025

SailGP founder Larry Ellison predicts the international racing series “will break even as early as next year” as it steps up a global expansion aimed at "establishing the professional sailing league as the Formula 1 of the water," according to Patrick Temple-West of the FINANCIAL TIMES. SailGP announced Friday that Mubadala, the Abu Dhabi sovereign wealth fund and “one of the league’s biggest sponsors,” will launch a Brazilian team that will compete alongside nine other boats in the league’s fifth season. League officials indicated that the deal “underscores" the league’s effort to grow into profitability as soon as next year. SailGP Managing Dir Andrew Thompson said, “We got there sooner than anticipated, which is great. Some host venues pay a large sum as well as sponsorship directly for that race. Others are really sponsorship-driven.” He added, “We are getting to the stage where many of our events are now profitable, but there are a significant portion of them that aren’t.” Thompson also said that media revenue “is not a significant sum today.” SailGP races are currently broadcast on CBS and online. Ellison “remains a big backer” of the league, as his software company Oracle has given SailGP $2.3M “in exchange for sponsorship.” The racing series is also “benefiting” from Wall Street cash. Owner & CEO Ken Griffin’s financial firm Citadel “sponsored waterside lounges for employees” (FINANCIAL TIMES, 6/23).