Oracle Racing, the America's Cup challenge led by Oracle Corporation chief Larry Ellison, have received a major sponsorship boost from the automotive group BMW.
The American syndicate, now known as Oracle BMW Racing, is valued about US$85 million ($172 million). It is believed BMW's contribution is above US$20 million ($40 million).
It is understood the deal was 18 months in the making, which is why BMW chose not to help German entry illbruck, who were forced to withdraw from the event due to a lack of funds.
BMW senior vice-president of marketing Karl-Heinz Kalbfell said high-performance sailing was now the third strong pillar of BMW's sporting commitment in addition to Formula One motor racing and golf.
"In Oracle Racing we have found a partner which embodies the most modern high-tech, the highest quality demands and the constant provision of the most innovative solutions in the same way as BMW does," he said.
Oracle BMW racing chief operating officer Bill Erkelens said the syndicate was pleased to have the innovation and competitiveness of BMW behind their campaign.
"Their support not only speaks well for our team but is a great asset to the sport of sailing."
Big boost for Oracle syndicate from BMW
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