Endeavor steps on board SailGP in deal valuing it at $200 million

FILE PHOTO: Sep 22, 2019; Marseille, France; Australia SailGP team celebrates their victory in the Grand Final match race. Race Day 3. The final SailGP event of Season 1 in Marseille, France. Mandatory Credit: Jon Buckle/Handout Photo via USA TODAY Sports - 13397440

LONDON (Reuters) - SailGP said on Thursday it had sold a minority stake to sports and entertainment group Endeavor in a deal valuing the fledgling sailing event backed by Oracle's billionaire founder Larry Ellison at $200 million.

"Endeavor's partnership ... strengthens our position going into our second season and signals the projected long-term value of SailGP," its CEO Russell Coutts said in a statement.