SailGP announced today that the ROCKWOOL Racing SailGP Team has been acquired by leading sports investor and American Magic Co-Founder, Doug DeVos .
The transaction marks a major new chapter for the Danish team in the global sail racing championship, bringing together leaders in global business and high-performance sport – SailGP, ROCKWOOL and American Magic – through a shared ambition to accelerate on-water performance and bolster the next generation of professional racing talent.
Sir Russell Coutts, SailGP CEO and co-founder, said: “Today’s announcement marks a significant moment for SailGP – and the start of a bold new era for ROCKWOOL Racing.”
Continuing, “American Magic are world-class operators, equipped to compete at the very highest levels of our sport. 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 underscores the growing value of SailGP teams as the league continues to attract interest from a range of investors – including high net worth individuals, notable investors, established sports funds, private equity, and venture capital groups. American Magic 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.
An experienced team owner with a clear vision to take the fastest team on water even further, Doug DeVos said, “This is an exciting time for American Magic. Partnering with SailGP and ROCKWOOL Racing brings together three organizations committed to high performance. SailGP has reshaped the sport through global competition, innovation, and fan engagement, and ROCKWOOL Racing is already a high-performing team with a strong foundation.”
DeVos continued, “Together, we see a clear opportunity to build a winning team, deliver results on and off the water, advance elite talent, and inspire the next generation of sailors, designers, and boat builders.”
American Magic will own and operate the team, with ROCKWOOL continuing as Title Partner until 2032 – a landmark extension announced last year, making the world leader in stone wool building materials the longest-standing team partner in SailGP. ROCKWOOL will remain central to the team’s identity and long-term vision, supporting performance, innovation, and global brand growth within the championship. The team will continue to represent Denmark and will feature a minimum of three Danish athletes when fully-crewed, in line with SailGP nationality rules.
ROCKWOOL Racing is the ‘Fastest Team on Water’, having set the all-time SailGP speed record of 103.93km/h at the Germany Sail Grand Prix in Sassnitz during the 2025 Season. In 2025, ROCKWOOL Racing finished seventh overall – closing the year with a breakthrough event win in Abu Dhabi.
Mirella Vitale, Executive Vice President, Marketing, Communication and Public Affairs at ROCKWOOL Group, said: “We’re really excited about this new era of ROCKWOOL Racing, and guaranteeing a Danish entry on the SailGP start line for the long-term. We truly believe that Doug and American Magic are the perfect partners to take it to the next level, and accelerate our ambition of winning SailGP.”
Vitale continued: “Having built the Danish team from scratch to a record valuation over the past five years, this partnership allows ROCKWOOL to do what we do best, supporting the project with global marketing activation, brand building, and top-tier customer hospitality, while American Magic brings its world-class leadership, performance capabilities, and technical excellence to team operations.”
The team – led by Danish driver Nicolai Sehested – will transition into American Magic’s broader performance eco-system, with a focus on elite performance and talent development. Earlier this year, SailGP launched its first long-term training base at the state-of-the-art American Magic Performance and Innovation Center in Pensacola, Florida, as part of the wider agreement between the two organizations.
Mike Cazer, Chief Executive Officer of American Magic, added, “This acquisition transforms a passion-driven project into a return-delivering, strategic investment in a fast-growing sport. We look forward to building the team’s high-performance platform, helping it compete at the front of the fleet, and adding value to the league. Success, for us, means developing a winning team in ROCKWOOL Racing, strengthening SailGP, and delivering for our title sponsor – ROCKWOOL.”
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