Oakley Capital to fund Athena Racing's America's Cup bid

(Sharecast News) - Private equity group Oakley Capital said it was investing up to £13m in Ben Ainslie's Athena Racing to help support its 2027 campaign for sailing's America's Cup. Ainslie, the most successful Olympic sailor in history, had been looking for funding to compete for the world's oldest international trophy after parting company with Jim Ratcliffe's Ineos in January.

Oakley's investment follows the creation of the America's Cup Partnership (ACP) which will govern the 174-year-old competition backed by five founding teams and held every two years.

"The new partnership marks a major step forward, pairing the Cup's legacy with a more modern and commercially focused structure," Oakley said on Tuesday.

"It gives all teams board representation, establishes neutral, professional management to drive audience and revenue growth, introduces cost-control measures to create a more competitive field, and sets a stable biennial calendar to support long-term investment, positioning the cup as a leading, global sports property."

Ainslie, who won medals at five consecutive Olympics including four golds, lifted the trophy in 2013 with Oracle Team USA and wants to win a first victory for Britain. Only four countries - the Australia, the US, New Zealand and Switzerland have won the "Auld Mug" since the first race off the south of England in 1851.

Australia won the cup in 1983 off the coast of Perth, Western Australia, ending the US's 132-year winning streak - regarded as the longest in international sporting history.

Reporting by Frank Prenesti for Sharecast.com