Upstart sports leagues fail constantly. SailGP is beating the odds
Source: Fortune ·
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In today’s CEO Daily: A ‘sustainable’ sailing league takes off. The big leadership story: Cisco CEO urges workers to keep up with AI-powered change. The markets: Mostly up amid optimism that the U.S. and Iran may end their standoff. Plus: All the news and watercooler chat from Fortune. Good morning. Building a sports league is tough. The XFL failed twice. The Alliance of American Football folded after eight weeks. LIV Golf filed for Chapter 11 bankruptcy earlier this month, burning through $5 billion without ever turning a profit. So when Oracle chairman Larry Ellison and champion yachtsman Russell Coutts set out seven years ago to turn high-speed sailing into “the world’s most sustainable and purpose-driven global sports and entertainment league,” skepticism was high. But SailGP has crossed $200 million in revenue and seen team valuations grow 10x to $70 million in the past five years as investors and brands start to gravitate to what’s been called F1 on the water. For Mike Buckley,…