Canadian biotech entrepreneur Greg Bailey has today acquired the Canadian SailGP Team to maintain its presence in the international sailing league.
The record sale confirms Canada’s position for the 2024-2025 season that gets underway next month in Dubai.
Double Olympic Gold medalist Giles Scott has been signed as driver for the Canadian team.
SailGP has also announced the return of a Canadian SailGP event in the 2026 season.
Andrew Thompson, SailGP managing director, said: “Canada is one of SailGP’s fastest-growing emerging markets, and we’re excited to bolster this passionate fanbase with a now-confirmed Canadian team and a home event to look forward to in 2026.
“Today’s news is another milestone on SailGP’s journey to grow and professionalize the sport of sailing - with teams that are consistently growing in value.
“SailGP continues to attract interest from a range of different investors and ownership groups. In many ways, this transaction validates the business model - a professional sports team has acquired new ownership and in doing so, retains position in the league; to my knowledge that’s not happened in sailing before.”
A physician, financier and entrepreneur, Bailey is co-founder and executive chairman of biotech company Juvenescence and chairman of Max Insurance, a Canadian property and casualty insurance firm.
The deal represents Bailey’s first foray into sport.
He said: “This is such a unique opportunity to participate with an extraordinarily talented team, in the most dynamic and exciting grand prix sailing league.
“It was important to me to ensure that Canada continued to be represented in SailGP with its format of nation vs nation competition and a level playing field.”
As part of the team’s new leadership team, Bailey will be joined by Phil Kennard as team principal and chief executive.
Kennard is a former UK champion (2004) in sailing’s 49er Class and his background includes commercial roles with golf’s PGA Tour and teams competing in both the 35th America’s Cup and motor racing’s elite Formula 1 series.
Canada is the second new team and ownership group to be confirmed ahead of the 2024-2025 season, which begins on November 23.
Late last year, SailGP’s US team was acquired by a wide group of investors from the sport, technology, and media industries in what was touted at that time as the sailing league's biggest deal so far.
The final team line-up for the 2024-2025 season will be named “imminently”, with additional team sale announcements to follow “in the coming weeks."
SailGP has confirmed its largest-ever fleet of 11 national teams on the startline in Dubai.
