Tuesday, September 22, 2009

New Investors take a stake in the World Match Racing Tour

[Source: World Match Racing Tour] Hong Kong - based private company Regal Faith Ltd has acquired from F10 Holdings Ltd their interest in ProMatch Tour Ltd, the exclusive rights holder of the World Match Racing Tour (WMRT).

The investment by Regal Faith Ltd and its consortium of investors based in Hong Kong, Malaysia and Australia sees the company take an equity stake in the Tour. The consortium is excited to be involved in the sport of match racing and sees tremendous opportunities to build upon the already internationally established and prestigious WMRT.

The World Match Racing Tour has seen significant growth over the last three years since being granted the sole and exclusive rights and official sanction to run and manage the professional world tour or series in match racing by the International Sailing Federation (ISAF).

The involvement of Regal Faith Ltd and its consortium of private equity investors will see increased focus on developing world class venues around the world, whilst adding stability and structure to the existing professional sailing circuit.

Outgoing President Scott Macleod from F10 Holdings Ltd commented, “After over 20 years involvement with Tour from its early stages then through the Swedish Match Tour up to its current status as the ISAF sanctioned World Match Racing Tour I have taken considerable pride in the development of the sport. I am very happy to be passing the control of the World Match Racing Tour to the team at Regal Faith Ltd who have the experience and investment to realise the full potential of the Tour, I wish them and Peter Gilmour all the very best for the continued development of the Tour.”

Match racing veteran Peter Gilmour has been appointed Acting President and will become the Tour Advisor once a full time replacement has been found. Peter Gilmour commented, “Our sport is rapidly expanding in the commercial area, with the backing and support of a significant balance sheet to build this Tour we are delighted to be able to make this long awaited announcement. It has taken over three years to finalise this transaction and we will see considerable new plans develop over the coming months. The sport has seen aggressive development in events, America’s Cup and independent team participation, spectators, media interest and sponsors. We are looking forward to developing the WMRT further as the leading match racing World Series for professional sailors.”

For all WMRT events it will be business as usual. Tour Director Craig Mitchell said, “Regal Faith Ltd’s investment in the WMRT demonstrates the value that has been built up in the Tour over the last three years. The investment will enable us to continue to expand and develop the Tour and we look forward to delivering the vision of our new investors.”

The WMRT will be holding the annual Tour Summit for all event organisers on the day immediately following the World Yacht Racing Forum in Monaco on 11th December 2009.

Following consultation with the Tour’s event promoters and stakeholders a detailed presentation laying out the re-energised ambition and vision of the Tour will be unveiled during the opening weeks of 2010.

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