Kessler Holdings, the family office vehicle of Israeli billionaire Teddy Sagi, has acquired the Spanish SailGP team from its founding ownership group for an undisclosed sum. The transaction, announced Monday, marks the second ownership change in the 11-team league this season and the first European team sale since SailGP launched in 2019.
Sagi, worth an estimated $5.2 billion according to Forbes, made his fortune founding Playtech, the online gambling software company, before pivoting to European commercial real estate through Camden Market Holdings. The 62-year-old maintains citizenship in Israel, Cyprus, and the United Kingdom. His interest in sailing is recent—sources close to the deal say he attended his first SailGP event in Saint-Tropez last September, sat near league CEO Russell Coutts during racing, and began due diligence within three weeks.
The Spanish team has underperformed since joining the circuit in Season 3. The squad finished ninth of ten teams in the 2023 season and currently sits eighth through four events in 2024, despite employing Olympic medalist Diego Botín as helmsman. The team announced in January it was seeking additional capital partners after primary sponsor Iberdrola reduced its commitment by roughly 40 percent following a corporate restructuring. Kessler Holdings will assume full operational control, including driver contracts, technical staff, and the team's shore-side logistics footprint in Cádiz.
The deal matters because it reveals the pricing tier for mid-pack SailGP franchises. Industry observers have placed valuations between $15 million and $30 million for teams outside the top four, far below the $50 million-plus figures attached to perennial contenders like Australia or New Zealand. That spread creates arbitrage opportunities for buyers willing to invest in performance: a new $8 million wing package, better sailors, sharper shore crew. Kessler Holdings is understood to be evaluating both paths—quick operational improvements or a patient multi-year rebuild around Spanish sailing talent.
Sagi's entry also highlights SailGP's growing appeal to family offices seeking sports assets with modest capital requirements and contained downside. Unlike Formula 1 teams, which burn $150 million-plus annually, a midfield SailGP operation runs on roughly $12 million per season, with revenue from league distributions, local sponsorship, and hospitality. The league's investor deck, circulated last fall, projects $200 million in total league revenue by 2026, though independent audits have not confirmed those figures. Sagi's team will receive an equal share of centralized broadcasting and title sponsorship income, currently anchored by Mubadala's reported $60 million multi-year deal.
The Spanish team's infrastructure remains modest. It operates from a shared warehouse in Cádiz with limited proprietary simulation capacity. Botín, who has helmed since the team's inception, is under contract through the end of 2025 but is known to have fielded inquiries from other teams. Kessler Holdings has yet to name a team principal or sporting director, roles that have been handled by a rotating cast of consultants. The ownership transition is expected to be complete by mid-May, ahead of the league's next event in New York.
Sagi himself has made no public statements about the acquisition. His prior sports involvement is limited to peripheral sponsorships—Playtech once had minor branding on a lower-tier football club—and a private box at Tottenham Hotspur's stadium. The move into SailGP ownership represents his first operational role in professional sport. League sources suggest Coutts, who has known Sagi socially through mutual investors in London property deals, brokered the introduction.
What to watch: personnel announcements in the next 30 days, particularly whether Botín stays or is replaced by a hire from Emirates Team New Zealand's reserve roster. Kessler Holdings is also expected to pursue a Spanish co-sponsor—renewable energy, luxury automotive, or finance—to replace the Iberdrola shortfall. SailGP's Season 4 championship event in San Francisco is scheduled for late July; whether the Spanish team fields a materially upgraded boat or coaching structure by then will signal Sagi's timeline.
The $12 million annual operating cost looks trivial against Sagi's real estate portfolio, which includes stakes in Camden Market, Covent Garden, and Tel Aviv commercial districts valued north of $2 billion. That cushion gives him runway to lose quietly for several seasons, or to spend aggressively if he decides trophies matter. The second scenario is the one other team owners are now gaming out.