Larry Ellison, a tech billionaire, partnered with five-time America’s Cup winner Russell Coutts to establish a new sailing league named SailGP. The league, set to commence next month, will kick off in Sydney Harbor with six high-performance catamarans racing off Shark Island.
SailGP aims to be a truly global league, featuring top sailors from around the world competing on the fastest sailboats, 50-foot wing-sailed catamarans that can fly over the water on hydrofoils. Teams representing six countries will compete at five tour stops.
The champion team in SailGP stands to win a significant prize of $1 million, with the top two teams vying for the 2019 title. Unlike the prestigious America’s Cup, SailGP offers a different competitive experience that has attracted eager participants like Tom Slingsby, an America’s Cup Champion and Olympic gold medalist set to lead the Australian team.
The inaugural regatta for the Australian team will take place on Feb 15-16th in their home waters. Ellison, also known as the co-founder of Oracle Corp and one of the wealthiest individuals globally, has reportedly invested a substantial amount, estimated at around $600 million, to kickstart the league. If successful, SailGP plans to transition to a franchise ownership model.
