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TechCheck

Exclusive with SailGP CEO Russell Coutts 7/12/24

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.566 Ratings

🗓️ 12 July 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

A new, high-stakes sport is gaining traction here in the U.S. SailGP, co-founded by Oracle’s Larry Ellison, is the Formula 1 of sailing, featuring ten teams from around the world racing on the most iconic waterfronts in the world. Avenue Capital’s Marc Lasry also has taken an interest, leading the investing group that acquired the U.S. team for more than $35 million. We sit down exclusively with SailGP CEO and champion yachtsman Russell Coutts on the league’s growth, its high-profile investors, skyrocketing funding, and more.

Transcript

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0:00.0

A new high-stakes sport is gaining traction here in the US.

0:03.4

Sale GP or Formula One on the water with backing from

0:07.3

some Wall Street giants ten teams around the world

0:10.0

racing sailboats at a hundred an hour, complete with some dramatic

0:14.8

cap sizes like this one from the US team during a pre-race in Bermuda.

0:19.4

The grand finale kicking off in San Francisco this weekend and that's where we find our dear

0:24.0

Durbosa with today's tech check.

0:25.6

Hey, D.

0:27.0

Good morning, Carl.

0:28.6

So the similarities to F1, they don't stop at high speed, high risk.

0:31.6

Sale GP has a growing fan base,

0:33.7

Grand Prix races around the world,

0:35.2

high profile tech investors,

0:37.2

and its own docu series.

0:38.9

This weekend, Personal Glory, National Pride,

0:41.1

and $2 million is on the line right behind me in the

0:44.4

San Francisco Bay where 10 national teams will compete in the finals.

0:48.7

CLGP was established in 2018 by Oracle co-founder Larry Ellison and champion

0:53.9

yachtsman Sir Russell Kootz. So it is in its earlier stages but like Formula

0:58.5

One the business of high-speed sailing is starting to take off. The League is seeing higher

1:03.8

viewership numbers, more corporate sponsors, increasing outside money from the likes of

1:08.4

Mark Lazzary, ESA Ray, Gary Vandertruck. Last year, Lazzary's Avenue Sports Fund, it led an investor group to acquire

...

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