Athena Racing is ending the year with a bang: the racing team of four-time Olympic champion Sir Ben Ainslie announced one day before Christmas Eve that the private equity investment company Oakley Capital has secured a majority stake in Athena Racing. The team described the agreement as a "milestone in its endeavour to win the America's Cup for Great Britain".
Financial stability for the future of the UK
The XXL investment, which is not quantified with a total amount, is intended to secure Athena Racing "long-term financial stability to participate not only in the next America's Cup, but also in several future cycles". In addition, according to a team press release, the investment will allow Athena to "fully capitalise on the newly created, ground-breaking partnership around the America's Cup". Athena is one of the founding members of the newly formed America's Cup Partnership (ACP) and has played a key role in developing the construct. It was officially announced on 22 December, that initially five teams will form this partnership on course for the 38th America's Cup.
The British had worked alongside the New Zealand Cup defenders from Emirates Team New Zealand for over a year on the Cup reorganisation. The historically most famous and important regatta in the sailing world will in future no longer be dictated by the defenders, but by all members of the America's Cup Partnership. The new Cup governance model is intended to make the regatta strong for the future. Whether it can retain the Cup character and still be successful remains to be seen, according to its architects.
The future looks bright for the British team. After the "divorce" from Cup sponsor Sir Jim Ratcliffe and title sponsor Ineos following the 37th edition of the Cup in Barcelona, it was initially unclear how Sir Ben Ainslie's Challenger of Record would be able to cover his considerable funding requirements for a strong challenge. That question has now been answered with the announcement of Oakley Capital's commitment. Described as a "transformative investment", the amount of the commitment is not specified, but the references to the "majority shareholding" and a commitment over several Cup editions suggest that a three-digit million sum is conceivable in the long term.
New ownership structure at Athena Racing
What is certain is that Oakley Capital's majority stake will bring a new ownership structure to Athena Racing. According to the team, the company's "extensive experience in scaling global businesses, its proven expertise in high-performance sport and its strong track record of supporting ambitious management teams with the tools, capital and strategic support" will be put to use in and for the British racing team.
As part of the team's new structure, Sir Ben Ainslie will focus on business management and commercial development, while continuing to support the performance programme of the team he founded. He will be joined by Olympic silver medallist and Ocean Race winner Ian Walker, who has just been appointed Managing Director.
Athena Racing has once again opted for Nick Holroyd as Head of Design. Sir Ben Ainslie and his team are convinced that the designer, who has been active in the America's Cup since 1997 and initially for Team New Zealand, can make their racing team strong for the future. These announcements heralded the start of the Christmas season for the British team.
Oakley Capital also heavily involved in the Cup reorganisation
Team Principal Sir Ben Ainslie said of the breakthrough on the funding front that has now been announced and also of Oakley Capital's overarching role in the Cup reorganisation: "I would like to thank Peter Dubens and the team at Oakley Capital for the crucial role they have played in helping Athena and the other teams shape the new partnership for the America's Cup."
Trying to win the America's Cup ends in obsession." Sir Ben Ainslie
The 48-year-old team principal said: "The America's Cup, which used to be led by the defending champion and run on a winner-takes-all basis, is now moving into a new era where every team has a seat at the table and a shared focus on commercial growth and continued technical innovation. With the support and expertise of Oakley, and by engaging the next generation of sailors in our Athena Pathway programme, Athena is well positioned to make the Cup one of the world's most recognisable and commercially successful sporting events."
Sir Ben Ainslie will himself hold a significant stake in Athena Racing, with his investment forming part of the developing Athena Sports Group (ASG). ASG also includes a majority shareholding in the Emirates Great Britain SailGP team, which has just won the championship of the fifth SailGP season in Abu Dhabi in November. The Athena Pathway programme also includes the Youth and Women's America's Cup teams.
Active in the premier class of sailing
The America's Cup is now heading for its 38th edition in Naples in 2027 in a new guise. The Oakley investment follows the America's Cup Partnership, founded by Brits and New Zealanders, which aims to sustainably develop sailing's most famous event in line with the hopes of its fathers. For the first time in Cup history, all Cup participants now have a seat on the ACP Board and are supported by an independent leadership team to focus on commercial expansion, growing audiences and long-term strategic development.
Oakley and Athena Racing had been at the forefront of negotiations in the America's Cup reorganisation process. The impetus? The team explains that they "recognised early on that the partnership model would significantly improve the commercial appeal and long-term stability of the America's Cup". Nothing less is the aim of all those involved, which in the current America's Cup partnership include Patrizio Bertelli's Italian racing team Luna Rossa, Tudor Team Alinghi and the French K-Challenge alongside Emirates Team New Zealand and Athena Racing.
The co-founder and managing partner of Oakley Capital described the company's investment interest. Peter Dubens said: "The America's Cup is the pinnacle of sailing and an icon of the sport that has only been won by four nations since 1851 (America, Australia, New Zealand and Switzerland). We are partnering with Sir Ben and the Athena team just as the Cup enters a new era. With strong leadership and a neutral management team focussed on audience growth and expanding media reach, the competition will increase its appeal, improve accessibility and ensure long-term sustainability."
There is nothing like the America's Cup. It's the oldest trophy in sport. That will never change." Grant Dalton
With its new team structure, well-known players, the Oakley investment and the introduction of the America's Cup Partnership, Athena Racing wants to sail into the new Cup era. On the water, the team is currently preparing for a winter training camp and resuming the development phase with AC40s.
