The fastest SailGP team on water is off the market.

Ahead of this weekend’s regatta in Auckland, the global foiling league has confirmed that the Danish entry, Rockwool Racing, has a new owner as American businessman Doug DeVos and American Magic take the reins.

The American Magic group paid $98.8 million (US$60m) to acquire the team, of which they now own 100%. The move sees American Magic strengthen their ties with SailGP after establishing their base in Pensacola, Florida, as a much-needed training facility for the league.

Speaking about the acquisition, DeVos, a keen sailor who is also part-owner of the NBA’s Orlando Magic, said he had been in touch with SailGP chief executive Sir Russell Coutts since the 2021 America’s Cup in Auckland – where American Magic competed for the Auld Mug for the first time.

“At that time we were all kind of coming out of Covid and finding the path forward, so we’ve been in contact for a long, long time. We’ve also had a relationship with [driver] Nicolai [Sehested]. He’s sailed with us on out TP52 Windquest on the Great Lakes so one thing kind of led to another and we just kept the conversations going,” DeVos said.

“In all of our conversations, you find out how aligned we are. Our vision, values, mission, these ideas of how we feel about our sport, how we feel about its development really connect. It’s thrilling to be part of this with SailGP and it’s a great time. The sport’s growing, you’re seeing this engagement and these events are attracting thousands of people.

“To see people turning out watching these events, really well produced, really well executed, and really high engagement for the fans. This is a great time for us to be part of this.”

The Denmark entry have been among the more consistent teams in the fleet, finishing no worse than seventh for a season and setting the speed record in 2025 when they were clocked at 103.93km/h. Rockwool, a Danish manufacturer of mineral wool products, have committed to remain as the team’s naming-rights sponsor until at least 2032.

With the sale, only two SailGP teams remain league-owned, with Spain and New Zealand’s Black Foils yet to move into a private ownership model. It is, however, expected that Spain will be sold in the not-too-distant future with groups in advanced talks with the league.

On paper, it is a curious move for the American group to buy the Danish team, but they assured it was a matter of just getting involved and not an opportunity to put their own athletes on board.

That might have been a concern for the athletes, so new ownership groups have often made changes upon taking over teams in the past; however, American Magic president of sailing operations, Terry Hutchinson, said they were confident in the talent already in the team.

“From a sporting perspective, the team won the last regatta in Abu Dhabi. They had a new flight controller in Ed Powys come on at the event in Perth and he was thrown into the deep end. In our world, we’re looking to expand the talent that we have inside the team and help them grow professionally and as sailors on the water, and get the best results we can,” Hutchinson said.

“I think we’re very focused on the Danish portion of our team.”

Christopher Reive joined the Herald sports team in 2017, bringing the same versatility to his coverage as he does to his sports viewing habits.