American Magic, the elite sailing management group led by U.S. billionaire Doug DeVos, has officially completed the 100% equity acquisition of the Danish Rockwool Racing SailGP team. Valued at a staggering $60 million, this transaction marks a historic pivot for DeVos, who is shifting his focus and investment capital from the America’s Cup—where he mounted campaigns in 2021 and 2024—towards the rapidly ascending SailGP circuit.
The deal is rooted in a long-term vision. DeVos, who has owned the NBA’s Orlando Magic since 1991, has been in discussions with SailGP CEO Sir Russell Coutts since the Auckland races in 2021. However, the true catalyst for the deal was a technical crisis last March in San Francisco. When the Australian team’s wingmast suffered a dramatic failure, American Magic’s state-of-the-art performance center in Pensacola, Florida, became the league’s savior. By providing labor and high-tech boatbuilding facilities to repair the wings in record time, American Magic proved its operational excellence, cementing the trust needed for this $60 million takeover.
While ownership shifts to the U.S. group, the team will maintain its Danish identity. Rockwool, the Copenhagen-based global leader in stone wool insulation, remains a committed partner. The agreement ensures that skipper Nicolai Sehested—who has previously sailed with DeVos on the Great Lakes—will continue to lead the squad, blending Danish talent with American Magic’s commercial and technical “know-how.”