SailGP chiefs have hailed “a very significant milestone” after MSP Sports Capital’s majority buyout of the New Zealand team took the final outfit into private ownership.

Private equity firm MSP sold its stake in McLaren’s Formula 1 team last year and previously loaned £185m to Everton for the construction of their Hill Dickinson Stadium.

The New Zealand SailGP Team was the last of the 13 crews to be snapped up by private investors, having previously been owned by the competition’s organisers.

“This is a very significant milestone for SailGP – and one we set out to reach from the very beginning,” said CEO and co-founder Sir Russell Coutts.  

“The goal of SailGP has always been to build something that world-class investors and sports operators would want to own – to have MSP Sports Capital, led by Jahm Najafi and Jeff Moorad, join our ownership group is further validation of that vision.”

Coutts has been responsible for attracting private investment in SailGP teams since co-founding the competition with Oracle billionaire Larry Ellison.

Other investors in SailGP teams include Ryan Reynolds and Hugh Jackman (Australia), Anne Hathaway (Italy), Kylian Mbappe and Ares Management (France), and Mubadala Capital (Brazil).

New Zealand team one of SailGP’s flagship franchises

The announcement of MSP’s takeover of the Black Foils comes ahead of the Canadian leg of the series this weekend. It heads to the UK next for races off Portsmouth in late July.

“SailGP is one of the fastest-growing sports leagues in the world, and we are thrilled to partner with Russell Coutts and the SailGP organization,” said MSP chairman Jahm Najafi. “We believe the New Zealand team is one of its flagship franchises.” 

MSP CEO Jeff Moorad added: “Our vision is straightforward: win championships, represent New Zealand at the highest level, and build on the country’s unmatched sailing culture. 

“[NZ team leaders] Peter [Burling] and Blair [Tuke] are the best in the world at what they do – and we’re delighted to partner with them in this next chapter.”