The SailGP team announced on Wednesday that Greg Bailey, an entrepreneur from Canada, had acquired the Canadian catamaran. Giles Scott is the British skipper.

Scott's move is a major break for the two-time Olympic gold medalist, who replaced Ben Ainslie, Britain's "driver", midway through the fourth season of SailGP. This high-speed one-design league, backed by Oracle boss Larry Ellison, has been gaining popularity.

The 37-year old holds Canadian citizenship, and spent most of his childhood in Canada. His first sailing experience was in dinghies, on the Ottawa River. This is a long way from his 'foiling F50 catamarans'.

Scott, who is currently in Barcelona as the head of sailing for Ainslie’s America’s Cup challenger, said he initially replied by saying he would be happy to stay put when approached by Canada’s new team leader Phil Kennard.

Scott stated that he liked Scott's plans as they continued to discuss them. He added that he was excited to be a part of this Canadian team and have an impact on their growth.

Ainslie who owns the British SailGP, stated in a statement that Scott's decision was the "first transfer fee deal ever in sailing".

Ainslie said, "This is an excellent opportunity for Giles. We support him and are confident he will achieve great things in the Canadian team."

Scott acknowledged that Ainslie's choice to remove him from the co-helming of Britain's AC75 prior to the America's Cup was a difficult one. He said that he thought he handled the situation as well as he could, and was still working "tooth-and-nail" to win the Auld Mug.

Bailey, cofounder and executive Chairman of Juvenescence, stated that SailGP is his first investment in sports.

In a press release, he stated that it was important for him to make sure Canada remained represented in SailGP's format of nation-vs-nation competition with a level playing ground.

Bailey said, "I look forward to seeing Canada SailGP Team at the start line when racing begins in Dubai." The first race of SailGP’s fifth season will take place in the UAE on November 11th.

Scott said that Bailey's investment will allow his team to "take full advantage of each training day" in order to form themselves as a unit and compete for the $7 million prize awarded to the crew who wins the Grand Final next year.

SailGP's Managing Director Andrew Thompson believes that the sale of Scott and his move highlights the growing professionalism of sailing and the league.

Thompson said that the SailGP roster would be owned by third parties in full by the end of Season 5.

He said that it was great to have competition among the top drivers in the league. Scott has also proven himself as one of the best. (Reporting and editing by Christian Radnedge; Alexander Smith)

(source: Reuters)