Doug DeVos, the US businessman who co-founded the American Magic sailing organization, has acquired the Denmark SailGP team in a record $60 million transaction.

Known as the Rockwool Racing SailGP Team for sponsorship reasons, the outfit joined SailGP in 2021 and secured its first Grand Prix victory in the 2025 campaign.

American Magic will own the team and serve as its operators; Rockwool will retain its long-term title sponsorship rights through 2032.

DeVos and American Magic will be joined in the ownership mix by the Ikon Capital investment group, which recently completed its acquisition of the Tech3 MotoGP team.

This adds to DeVos' multi-sport investment portfolio; the businessman is a part of the family ownership group of the Orlando Magic NBA basketball franchise.

Speaking on the acquisition, American Magic chief executive Mike Cazer said: “This acquisition transforms a passion-driven project into a return-delivering, strategic investment in a fast-growing sport.

“We look forward to building the team’s high-performance platform, helping it compete at the front of the fleet, and adding value to the league. Success, for us, means developing a winning team in Rockwool Racing, strengthening SailGP, and delivering for our title sponsor – Rockwool.”

Mirella Votale, executive vice president for marketing, communication, and public affairs at mineral wool products firm Rockwool Group, added: “We’re really excited about this new era of Rockwool Racing, and guaranteeing a Danish entry on the SailGP start line for the long-term. We truly believe that Doug and American Magic are the perfect partners to take it to the next level, and accelerate our ambition of winning SailGP.

“Having built the Danish team from scratch to a record valuation over the past five years, this partnership allows Rockwool to do what we do best, supporting the project with global marketing activation, brand building, and top-tier customer hospitality, while American Magic brings its world-class leadership, performance capabilities, and technical excellence to team operations.”

This is the second major investment in a SailGP team this week, after Bolt Ventures, the family office of prominent US sports franchise owner David Blitzer (and a co-investor in Tech3 alongside Ikon), and wealth management fund Blue Pool Capital, invested in the German SailGP Team.

The current 2026 SailGP season began on January 17 and 18 in Australia with the Oracle Perth Sail Grand Prix presented by KPMG, which was won by reigning champions Emirates Great Britain.