Brazilian SailGP Team to Compete in Global Sailing Series
The Brazilian SailGP team, with financial support from Abu Dhabi’s Mubadala sovereign wealth fund, will be the first South American outfit to compete in SailGP. This move is an effort to bring a whole new market to SailGP and further strengthen their connection to the region.
Formation of Brazilian SailGP Team
The Brazilian SailGP team has been formed with financing support from Abu Dhabi’s Mubadala sovereign wealth fund. Mubadala Capital, the asset management branch of Mubadala Investment Company will partner with Brazilian sports and entertainment firm IMM to operate the team.
The outfit will begin competing in the SailGP fifth season in November. The full team line-up is yet to be revealed. IMM’s owner Alan Adler, who is also the former Brazilian Olympic sailor, serves as the chief executive of Brazil Motor Sports, the promoter of the São Paulo Grand Prix Formula One race.
Mubadala Capital’s Investments in Brazil
With a combined worth of US$24 billion, Mubadala Capital oversees investments globally. Last October, it closed its second flagship investment fund with over US$710 million of commitments to specifically invest in Brazil. The sovereign wealth fund is already an existing global series partner of SailGP, with the deal 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. Last month, SailGP also announced a production partnership with Mubadala-owned aerospace company Strata Manufacturing, to develop and manufacture new boat components, such as hydrofoils and rudders.
New Franchises and Ownership Confirmed for the Fifth Season
The Brazilian team is said to be the first of new franchises and ownerships confirmed for the fifth season. “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,” said Sir Russell Coutts, SailGP chief executive.
Partnership with Tommy Hilfiger
The US SailGP team has recently announced a new multi-year partnership with Tommy Hilfiger ahead of the fifth season. This partnership brings a fashion brand into the SailGP ecosystem. The deal will see Tommy Hilfiger become the sailing outfit’s official lifestyle apparel partner, and its logo will feature on the sailing crew’s uniforms and capsule collections, as well as on each side of the team’s boat.
“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,” said Tommy Hilfiger. US SailGP Team Chief Executive Mike Buckley added, “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.”
Originally Post From https://www.sportspromedia.com/news/sailgp-brazil-team-mubadala-capital-imm-season-five-expansion/
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