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.
Writing by Alexander Smith; Editing by Jason Neely
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