Brazilian Team to Join SailGP
The global sailing series, SailGP, has announced that a new team from Brazil will be the first South American outfit to compete in the sport. The team has been formed with the financial backing of Abu Dhabi’s Mubadala sovereign wealth fund.
Financial Support from Mubadala Capital
Mubadala Capital, the asset management branch of Mubadala Investment Company, will partner with Brazilian sports and entertainment firm IMM to operate the team. The Brazilian SailGP team will begin competing in the series’ fifth season, which starts in November.
The full team line-up is yet to be revealed, but we know that IMM’s owner, Alan Adler, a former Brazilian Olympic sailor, will serve as the team’s chief executive. Adler also serves as the CEO of Brazil Motor Sports, the promoter of the São Paulo Grand Prix Formula One race.
Mubadala Capital oversees investments around the world worth a combined $24 billion. Last October, they closed their second flagship investment fund with over $710 million of commitments to invest specifically in Brazil. The sovereign wealth fund is already an existing global series partner of SailGP, with the deal set to run until the end of 2026. The agreement gives Mubadala the title partnership rights for the New York Sail Grand Prix event, which took place earlier this month.
Brazilian Team – The First of Many
The Brazilian SailGP team is said to be the first of several new franchises and ownerships confirmed for the fifth season. The move to bring in a South American team marks a significant expansion of SailGP’s global reach and opens up new opportunities for the sport.
Sir Russell Coutts, SailGP’s chief executive, said of the announcement, “This opens up a new and very significant market for SailGP, and we’re incredibly excited to further develop Brazil’s passionate fan base and strengthen our connection to the region.”
New Partnerships for SailGP Teams
In other news, the US SailGP team has announced a new multi-year partnership with fashion brand Tommy Hilfiger. The deal sees the designer become the team’s official lifestyle apparel partner, with their logo to feature on the sailing crew’s uniforms and capsule collections, as well as on each side of the team’s boat.
Tommy Hilfiger said of the deal, “Since I was very young, I always loved the world of sailing and the nautical lifestyle – but SailGP is next level; it’s a whole new sport. By fusing intense racing and elite performance with international competition in iconic venues around the world, SailGP is making waves in adrenaline sports.”
Meanwhile, the CEO of the US SailGP team, Mike Buckley, expressed his admiration for the fashion brand. “I’ve long been in awe of how Tommy Hilfiger has defined fashion in sports,” he said. “Tommy Hilfiger blends the world of style and athleticism like no other, and I get goosebumps when thinking about how we’re going to shake up the world of sailing.”
Mubadala-Owned Company to Develop New Components
Last month, SailGP also announced a production partnership with Mubadala-owned aerospace company, Strata Manufacturing. The two will work to develop and manufacture new boat components, such as hydrofoils and rudders.
Speaking about the partnership, Oscar Fahlgren, chief investment officer of Mubadala Capital, said, “This acquisition not only adds to our investment portfolio but also aligns with our long-term commitment to investing in Brazil, while enhancing our ability to create lasting positive social and environmental impact.”
The partnership with Strata Manufacturing will strengthen SailGP’s position as a leading competitor in the sailing world and facilitate the development of new technology for sailing teams to push beyond their limits.
Originally Post From https://www.sportspromedia.com/news/sailgp-brazil-team-mubadala-capital-imm-season-five-expansion/
