SailGP founded by Larry Ellison
Background
The competition was founded by Larry Ellison, founder of Oracle, and champion yachtsman Russell Coutts. Their aim was to establish a commercially viable global race series with a large audience. This had been unsuccessfully attempted in the past with series such as the Extreme Sailing Series. The SailGP format uses fast-foiling catamarans in a variety of spectacular locations. Teams are currently owned by the competition with the intention of becoming privately owned.