From CNBC: 2024-11-21 12:00:01

SailGP, known as the Formula 1 of sailing, has secured Rolex as its first title partner. The competition, now named the “Rolex SailGP Championship,” will kick off its 2025 season in Dubai this Saturday. The partnership with Rolex will run for the next decade, through 2034, with Rolex also serving as the official timepiece of SailGP.

SailGP features a dozen national teams competing in high-tech, high-speed 50-foot foiling catamarans. These boats race at speeds nearing 60 miles per hour and vie for a $7 million grand prize. The league has seen significant growth and aims to establish itself as the premier global championship in sailing.

Established with a centrally owned business model, SailGP plans to transition to a private ownership model within its first five years. The upcoming season will have 10 privately owned teams, with future teams being independently owned and financed. Wall Street figures like Larry Ellison and Marc Lasry have backed the sport, with Lasry’s group acquiring the U.S. team for $35 million in 2023.

SailGP has attracted major sponsors like Red Bull, Emirates, Mubadala, Rockwool, and Deutsche Bank. The league has seen a surge in interest, surpassing other sports leagues in growth. Last season, SailGP drew its largest American TV audience during the Spain Sail Grand Prix, with 1.78 million viewers on CBS. The league’s broadcasts reach 212 territories worldwide, with viewership increasing by 48% year over year during the fourth season’s 13 race events.

In its fifth season, SailGP will expand its broadcast agreements in Germany, Italy, Brazil, and Spain to grow its linear audience. The league aims to engage a new generation of racing fans, showcasing its digital content and social media engagement figures. SailGP is making strides in attracting fans in markets like Italy and Brazil, broadening the reach of sailing as a sport.



Read more at CNBC: SailGP signs Rolex as title partner of global sailing competition