Brazil is the first South American to join the SailGP league, which was founded by Oracle cofounder Larry Ellison along with veteran sailor Russell Coutts. The fund will be backed by the Abu Dhabi sovereign wealth fund.

The organizers announced on Friday that Mubadala's Brazil SailGP will partner with Brazilian sports entertainment company IMM in order to operate this new outfit. Its full lineup will be confirmed over the next few months.

IMM is owned and operated by former Brazilian Olympic sailors Alan Adler who is also the chief executive of Brazil Motor Sports which promotes the Sao Paulo Grand Prix Formula One Race. Mubadala Capital, the asset management division of Abu Dhabi’s Mubadala Investment Company, is owned by ex-Brazilian Olympic sailor Alan Adler. He also serves as chief executive of Brazil Motor Sports and promoter of the Sao Paulo Grand Prix Formula One race.

SailGP CEO Coutts stated in a press release that "this opens up a very significant new market for SailGP. We're extremely excited to develop Brazil's dedicated fan base and to strengthen our connection with the region."

Brazil will begin racing at the start of SailGP 5th season in November.

Oscar Fahlgren, Chief Investment Officer at Mubadala Capital, said that the acquisition was in line with Mubadala Capital's long-term investment commitment in Brazil.

SailGP announced the Brazilian news on the eve before its New York Grand Prix. This is the penultimate event of Season 4 before the winner-takes it all Grand Final in San Francisco, mid-July. (Reporting and editing by Toby Chopra; Alexander Smith)