SailGP

R

Ronja-express

Member
52
80
Kiel, Germany
It is probably just a question of personal taste.
We even had the Extreme Sailing Series here in Kiel.
Of course it was not as big a spectacle as Sail GP.

I also happen to like the presentation of Sail GP.
Far from perfect but still better than most.
At least for me.

Sail GP is for me not only about fast and flying, it is also about tactics, timing, manoeuvres and all those things we know from our own sailing.

But I think it is good that we all have different tastes.
Imagine we would all be watching a football championship in winter. In Quatar. That would be a disaster...;)

Holger
 
MR.CLEAN

MR.CLEAN

Moderator
46,704
4,733
Not here
furler49 said:
www.sportspromedia.com

British SailGP team valued at US$40m as Misland Capital invests - SportsPro

Larry Ellison’s Oracle Racing has parted with its remaining 10 per cent stake in the Great Britain SailGP team.
www.sportspromedia.com www.sportspromedia.com

I just don’t get it… where is the value?
Click to expand...
1) Seems like the press release goes to great lengths to avoid assigning a purchase price for the transaction, instead falling back on valuation. If Larry is selling 10% and the valuation is $40M, they would say "...paid $4 million in cash" if it was a cash investment. the language here indicates something else.

2) Regarding the 'value' of the investment, first you need to know the consideration, which the PR intentionally omits. An analyst would tell you that a significant part of the consideration for the deal is likely in-kind(non-monetary).

3) Misland is not an investment fund with actual customers: It's a family office - also known as 'one guy's money'.

4) The consideration likely includes a training commitment in BDA and commercials for the properties of fortunate son Peter Green, so at least there is some actual commercial value - it's not entirely just another billionaire boys club ego deal. More on Green:


Billionaire Bermuda resident and with sons Andrew and Alexander, the owner since 2013 of the Hamilton Princess Hotel. The Green family also owns Overbay and the Waterloo House development of luxury commercial and residential accommodations on Pitt’s Bay Road in Bermuda and, since 2013, the former Sonesta Beach, Southampton, resort site acquired for $10.5 million. They purchased the 32-acre Southampton property from a company called SSBT LCRE II LLC. Scout Real Estate, the US developer which bought the property in 2007, had planned to build a five-star resort there. But after demolishing the hotel, its plans for what it called the Southampton Beach Resort were scrapped. And Lehman Brothers, the US investment bank which filed for bankruptcy protection during the 2008 financial crisis, had been the main financier of that $200 million project. The Green family has a history of owning hotels and for a seven-year period beginning in 2004 they had a 25 percent stake in the Maybourne Group, which owns The Berkeley, Claridge’s and The Connaught. Mr Green, the owner of Berco Limited, a Bermuda-based investment company is a wealthy investor, born in Manchester, England. He is a Bermuda resident and long-time contributor to the UK’s Labour party. His wife, the late Mary-Jean Mitchell who died in 1990 of cancer was the only child of Sir Harold Mitchell, then one of the world’s wealthiest men, who arrived in Bermuda in 1947 with his wife Mary Pringle. He has a multimillion dollar home on Marshall’s Island and married again, as a widower. His father was an entrepreneur in textiles and grocery stores that later became Tesco.
 
Last edited:
Stingray~

Stingray~

Super Anarchist
12,252
3,341
PNW
Have no idea the cash it takes to buy into SailGP ‘franchises’ but whatever that price is, the number of teams and venues are still growing. All good!
 
Stingray~

Stingray~

Super Anarchist
12,252
3,341
PNW
NeedAClew said:
$40 million for the NFT team. Plus annual fees I guess to the league.
Click to expand...
Could well be.

There is also the chance those franchises do or will will get shares in the series profits, NFL style.

LE seems to have plenty of patience developing the possibility, it’s no water off that guy’s back.
 
Mambo Kings

Mambo Kings

Super Anarchist
5,168
1,320
Rings End Harbor overlooking the Goodwives Estuary
MR.CLEAN said:
1) Seems like the press release goes to great lengths to avoid assigning a purchase price for the transaction, instead falling back on valuation. If Larry is selling 10% and the valuation is $40M, they would say "...paid $4 million in cash" if it was a cash investment. the language here indicates something else.
Click to expand...
The Presser likely did not describe the consideration because it was likely a funding round rather than purely a secondary. I find it very unlikely that the only element of the transaction was a sale from Oracle to Misland. Misland probably also put capital into the business itself (primary). The combination of primary capital and a secondary sale combined likely valued the business at $40 million.

What surprises me is the suggestion that Ainslie is majority owner.....even after the transaction.
MR.CLEAN said:
2) Regarding the 'value' of the investment, first you need to know the consideration, which the PR intentionally omits. An analyst would tell you that a significant part of the consideration for the deal is likely in-kind(non-monetary).

3) Misland is not an investment fund with actual customers: It's a family office - also known as 'one guy's money'.

4) The consideration likely includes a training commitment in BDA and commercials for the properties of fortunate son Peter Green, so at least there is some actual commercial value - it's not entirely just another billionaire boys club ego deal. More on Green:


Billionaire Bermuda resident and with sons Andrew and Alexander, the owner since 2013 of the Hamilton Princess Hotel. The Green family also owns Overbay and the Waterloo House development of luxury commercial and residential accommodations on Pitt’s Bay Road in Bermuda and, since 2013, the former Sonesta Beach, Southampton, resort site acquired for $10.5 million. They purchased the 32-acre Southampton property from a company called SSBT LCRE II LLC. Scout Real Estate, the US developer which bought the property in 2007, had planned to build a five-star resort there. But after demolishing the hotel, its plans for what it called the Southampton Beach Resort were scrapped. And Lehman Brothers, the US investment bank which filed for bankruptcy protection during the 2008 financial crisis, had been the main financier of that $200 million project. The Green family has a history of owning hotels and for a seven-year period beginning in 2004 they had a 25 percent stake in the Maybourne Group, which owns The Berkeley, Claridge’s and The Connaught. Mr Green, the owner of Berco Limited, a Bermuda-based investment company is a wealthy investor, born in Manchester, England. He is a Bermuda resident and long-time contributor to the UK’s Labour party. His wife, the late Mary-Jean Mitchell who died in 1990 of cancer was the only child of Sir Harold Mitchell, then one of the world’s wealthiest men, who arrived in Bermuda in 1947 with his wife Mary Pringle. He has a multimillion dollar home on Marshall’s Island and married again, as a widower. His father was an entrepreneur in textiles and grocery stores that later became Tesco.
Click to expand...
 
shebeen

shebeen

Super Anarchist
1,533
708
cape town, south africa
Stingray~ said:
Could well be.

There is also the chance those franchises do or will will get shares in the series profits, NFL style.

LE seems to have plenty of patience developing the possibility, it’s no water off that guy’s back.
Click to expand...
I guess there's a 5% chance that it grows to be 5% as big as formula 1. That would then be about 0.5% of his net worth.

It's a toy for him, let's hope he enjoys playing with it for a long time, but by making it commercially dependant it could ultimately wash it's own face,
 
Liquid

Liquid

NFLTG
4,826
887
Over there
Misland made an investment on a valuation that Misland pulled out of their collective asses'.

That $4M could be 10% or 90%...

It's 'worth' $40M to invest into but it's probably only 'worth' $5M on their taxes!
 
MR.CLEAN

MR.CLEAN

Moderator
46,704
4,733
Not here
Mambo Kings said:
The Presser likely did not describe the consideration because it was likely a funding round rather than purely a secondary. I find it very unlikely that the only element of the transaction was a sale from Oracle to Misland. Misland probably also put capital into the business itself (primary). The combination of primary capital and a secondary sale combined likely valued the business at $40 million.

What surprises me is the suggestion that Ainslie is majority owner.....even after the transaction.
Click to expand...
On second reading, I can't really make any assumptions at all of what kind of transaction occurred, other than that Larry disposed of his 10% stake. Not sure whether it is purposefully or unintentionally opaque.
 
Mambo Kings

Mambo Kings

Super Anarchist
5,168
1,320
Rings End Harbor overlooking the Goodwives Estuary
MR.CLEAN said:
On second reading, I can't really make any assumptions at all of what kind of transaction occurred, other than that Larry disposed of his 10% stake. Not sure whether it is purposefully or unintentionally opaque.
Click to expand...
As someone who has been on the issuing side of of press releases describing equity transactions I can assure you that they are deliberately opaque.

If we could be bothered and if the teams are US entities there will eventually be some very limited filings. I doubt we can be bothered and I doubt they are US entities.

I think we can deduce with some certainty that the transaction included Misland putting money into the team. I doubt a Sail GP team is throwing off any cash, quite the opposite. The press release did indeed use the phrase "funding round". For all we know, Oracle/LE did not see a penny.

For example (and Im not saying this was the deal) if Misland put up $4 million to fund the next 2 years of the British Sail GP team and in return received a 10% equity stake and an undefined amount of owner's presence and logos on the boats/sails , simultaneous with Oracle getting out of participating in funding and future funding by selling its stake to Ben for $1...then the press release would read the same as published
 
Mambo Kings

Mambo Kings

Super Anarchist
5,168
1,320
Rings End Harbor overlooking the Goodwives Estuary
Even as recently as the 1990s Formula 1 teams were holes in the ground that you poured money into. British American Tobacco's acquisition of Team Tyrell was all about acquiring an advertising platform. Russ Brawn eventually bought the team (then owned by Honda) in 2009 for 1 GB pound.
Talk about a brilliant deal!
Within a year he sold 75% of the team for 110 million GB pounds to the Abu Dhabi investment fund and Daimler.

The team is now called Mercedes and is worth God knows how many billions.

Nobody forecast the value that would accrue to Formula 1 ownership but I dont think the Greens are the next Russ Brawn. More likely they are similar to BAT, looking at an advertising platform.
 
D

dogwatch

Super Anarchist
17,178
1,770
South Coast, UK
You must log in or register to reply here.

Latest posts




Top