Sailing-Ainslie strikes Oakley Capital deal to fund British America's Cup bid
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LONDON, Dec 23 : British sailor Ben Ainslie has finally secured the backing he needs for his 2027 America's Cup campaign, announcing a deal with Oakley Capital on Tuesday after what he admitted has been a stressful chapter in his mission to "bring the Cup home".
Ainslie's Athena Racing team said a majority ownership investment from the British private equity group would provide "long-term financial stability to compete not only in the next America's Cup but across multiple future cycles".
"Up until now, basically, I've been funding the team myself ... yeah, I'd say it's been pretty stressful. But I believed in the team, I believed in the (America's Cup) partnership, and I was willing to take that risk. So I'm delighted that that's been worthwhile," Ainslie told Reuters.
As well as being the most successful Olympic sailor, the 48-year-old also lifted the "Auld Mug" in 2013 with Oracle Team USA and has made it his goal to secure a first victory for Britain, where the event was first contested off the south coast in 1851.
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However, Ainslie was left without funding for his latest campaign to win the coveted trophy after parting ways in January with INEOS, which had financed his attempts in 2021 and 2024.
Athena Racing said Oakley will help them to take full advantage of the newly formed America's Cup Partnership (ACP), which has been backed by five teams and will mean the event is now held every two years, raising its visibility for sponsors.
"The America's Cup is the pinnacle of sailing and an icon of sport, won by only four nations since 1851," said Oakley's co-founder and managing partner Peter Dubens.
"With strong governance and a neutral management team focused on audience and media growth, the competition is set to broaden its appeal, improve accessibility and ensure long-term sustainability," Dubens added in Athena Racing's statement.
Ainslie, who will remain team principal, said Oakley's investment would give Britain all the financial firepower needed to challenge defenders New Zealand in Naples, Italy, in 2027.
The new ACP framework imposes a spending cap of 75 million euros ($88 million) for each team's AC38 campaign, then 55 million euros for subsequent events.
While the Oakley deal opened the door to sponsorship, Ainslie said he did not expect to announce anything imminently.
"We've been having some positive conversations with various brands ... The agencies that we've been talking to that are supporting us with the sponsorship search are really bullish and positive about what we're selling," Ainslie added.
The British team will get a rebrand and the boat they used to challenge New Zealand last year is already in transit from Barcelona to Naples where it will undergo modifications.
Ainslie said the team and their boat would have a very British feel and focus, adding that having this association with the country is an important feature for the America's Cup.
"(We are) really trying to come up with something innovative and exciting for all the supporters out there," he said.
($1 = 0.8506 euros)
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