American Magic acquires Danish team

ROCKWOOL Racing SailGP Team, one of 13 teams competing the SailGP global sports league, has been acquired by leading sports investor and American Magic Co-Founder, Doug DeVos. The transaction brings together leaders in global business and high-performance sport with a shared ambition to accelerate on-water performance and bolster the next generation of professional racing talent.

“American Magic are world-class operators, equipped to compete at the very highest levels of our sport,” said Sir Russell Coutts, SailGP CEO and co-founder. “Together with the shared commitment and mission of ROCKWOOL, this new team ownership has the foundations for sustained performance, innovation, and growth for many years to come.”

Led by DeVos, part of the family ownership group of the NBA’s Orlando Magic, the US $60 million transaction was supported on this acquisition by Miller Johnson and IKON Capital, the sports-focused investment and advisory platform, which also joins as a co-investor in the team. – Full report