American Magic, a sailing team owned by U.S. sports investors Doug DeVos and ROCKWOOL, have bought the Danish 'SailGP' speed record holders ROCKWOOL racing in a 60 million dollar deal announced on the eve before the New Zealand event of the global league.

DeVos said at a briefing to mark the 11th team sale in SailGP. The company was founded by America's Cup veteran Russell Coutts and Larry Ellison.

DeVos said, "We don't just want to win on the water; we also want to win away from the water."

SailGP opened its first long-term base of training at the Pensacola Florida performance and innovation center run by American Magic last month. The U.S. outfit, which was a contender for the America's Cup to be held in Barcelona in 2024 has decided not take part in the next edition of the event.

American Magic will operate and own the team. The team will continue to represent Denmark, and will have at least three Danish athletes in full crew, according to SailGP's nationality rules. ROCKWOOL is its title sponsor until 2032.

"SailGP was launched with a centrally owned model for our team. SailGP's Managing Director Andrew Thompson stated that the team had a "clear plan" to move to private ownership within?our first 5?seasons.

American Magic will be led by Nicolai Séhested, the Danish helmsman who finished seventh in last season's overall standings and had a 'breakthrough victory' in Abu Dhabi.

According to Chris Bedford, chief meteorologist at SailGP, the New Zealand Sail Grand Prix's forecast could test Denmark's championship speed record this weekend in Auckland.

It's possible that we will see a world record in speed," Bedford said. (Reporting and editing by Ed Osmond; Alexander Smith)

(source: Reuters)