Translated for Boating New Zealand from the original article published by Al Stampa.
They’ve been friends for twenty years, but only recently discovered that their fathers once sailed aboard the same yacht — the CS&RB of Doi Malingri — in the very first Whitbread Round the World Race. Not on the same leg, but the same boat. Now, together, they’ve invested — and brought others onboard — in the first Italian team to fly the tricolore in SailGP: Red Bull Team Italy, led by CEO James Spithill, formerly of Oracle and Luna Rossa, and helmsman Ruggero Tita.
It’s a great story, the story of Assia Grazioli-Venier and Gian Luca Passi de Preposulo. Settle in.
From Ministry of Sound to Juventus to Muse
Assia Grazioli-Venier speaks to us from New York. Born in Rome, she moved to the United States as a child with her mother and her mother’s partner. Her life has followed a series of sliding doors — some painful — that would make for a compelling TEDx talk. She studied Environmental Biology at Barnard College, Columbia University, followed by a master’s degree at the London Business School.
While in London, a serious accident changed everything: hit by a taxi, her plans to work on documentaries were sidelined. Instead, she found herself at Ministry of Sound — the iconic nightclub and record label — after proposing a bold idea to the agency representing founders James Palumbo, Humphrey Waterhouse, and Justin Berkmann. Her pitch? To bring all of Ministry’s digital content — TV, radio and, eventually, YouTube — in-house. They hired her.
Three years later, she was in Monaco, where she met Daniel Ek, CEO of Spotify. She joined the streaming giant and worked across its offices in the UK, Sweden, and the US. She also joined the board of Juventus as an independent director, helping to launch the JWomen programme and later served on the boards of several venture capital firms. Eventually, she co-founded her own — Muse Capital — alongside Rachel Springate. But there was another major turning point: a breast cancer diagnosis. Another beginning.
Muse Capital invests in early-stage start-ups, especially those focused on women’s health and tech. It also birthed Muse Sport, which backs ventures like the Washington Spirit women’s football team in the US.
So how did SailGP come into it?
“I had invested in Team USA and learned that Larry Ellison — the man behind the league — along with Russell Coutts, wanted to launch an Italian team. Sailing has a big following in Italy. They had picked James Spithill to lead it — Jimmy had a stake in the American team, which Ellison transferred over as thanks for his help building the league,” she says. “So I flew to San Diego to convince him that we would be the best investors to launch this team.”
“We,” because by then, Assia had already called her friend, Gian Luca Passi de Preposulo.
From Armani and Moncler to Festina Lente
Gian Luca Passi de Preposulo also joins the call from New York. Originally from Treviso, he grew up in a noble family estate — Villa Tiepolo Passi in Carbonera — and once played rugby. He began his career at Giorgio Armani, working closely with Roberta Armani, before joining Moncler as head of entertainment and events under CEO Remo Ruffini.
“I owe a lot to Remo,” he says. “He nurtured my entrepreneurial side and trusted me when, ten years ago, I asked to move to the US and work remotely — which helped when my wife was filming on location.”
Since 2017, he’s been married to actress Jessica Chastain, twice nominated for an Academy Award. And his career pivoted again. An investor in his own right, he began advising tech founders in Silicon Valley. “I had a few friends in Hollywood — Leonardo DiCaprio and George Clooney among them — who wanted to invest in start-ups, and the founders were impressed with the results. So I started raising capital through Italian family offices, like Angelo Moratti’s, and realised there was an opportunity to build something.” That became Festina Lente, his investment vehicle. With no formal finance background, he built a trusted team and partnered with Azimut Group.
Then came Assia’s call.
“One day, Assia rings and says she’s investing in SailGP. I grew up sailing and told her I’d only invest if there was an Italian team. There wasn’t yet. Call me back if that changes,” he told her. “A month later, she called again. Ellison. Spithill. A tricolore team…”
A high-speed platform with Italian soul
“What drew me in,” explains Passi de Preposulo, “was the idea of an ancient world — sailing — merging with a modern one, with these boats and SailGP’s digital-first platform.”
“We’re not just talking about boats,” adds Grazioli-Venier. “We’re building a media platform that combines speed, data, purpose, and performance — with Italian excellence at its centre.”
Their energy is infectious. They speak about Italy’s rich sailing tradition in the America’s Cup, but also about SailGP’s potential to bring a weekly format to fans — something more accessible and less elitist than the Cup.
“We want to inspire a new generation,” says Passi de Preposulo. “To show Italian kids that beyond becoming footballers or tennis stars like Jannik Sinner, they could become professional sailors — in SailGP.”
Plans for an academy are already underway. Red Bull is establishing a base in Monfalcone.
They acknowledge that only 10% of SailGP’s current audience are traditional sailing fans. “That’s exactly where the opportunity lies,” says Passi de Preposulo. “It’s the crossover appeal that drives growth.”
A growing league and a bold investment
SailGP is expanding — more teams, more events, more value. Major sponsors have come onboard: Rolex (which redirected F1 sponsorship to SailGP for a decade), Emirates, DP World, Mubadala (which bought the Brazilian team), betting companies, broadcasters, digital platforms.
Grazioli-Venier has always played the long game. Timing is everything. “Right now, we’re in the pre-boom phase — and the boom is coming. I joined Team USA when it was worth $35 million. I’m exiting now, and the valuation has grown immensely. League and team revenues are up, broadcast numbers are rising every year — more viewers, more digital eyeballs.”
So how do they pitch it to new investors?
“We just show them the numbers,” she says. “This is the fastest-growing sports platform in the last 10–15 years. Nothing else I’ve worked on has scaled this fast. It’s one of the rare investments where I feel confident saying: there’s no real risk — especially if you’re in before the boom.”
The tricolore team
The majority stake in Red Bull Team Italy is held by the consortium led by Passi de Preposulo and Grazioli-Venier, as president and board director respectively. Other investors include MFO Certuity, Yes Capital, actress Anne Hathaway and her husband Adam Shulman, British entrepreneur Alexander Gilkes (Squared Circles), Evan Yurman (CEO of David Yurman Inc.), Italian actress and former Miss Italy Miriam Leone, Julie Eddleman, Heather Karatz, Peter Delgrosso, and Dr Jennifer Ashton — a TV personality and physician in the US.
“Some were sailing fans already, others weren’t — they may have known about the America’s Cup but never thought of sport as an investment opportunity,” says Passi de Preposulo.
James Spithill also holds a share, and so does the League itself — Ellison and co. The initial team valuation was USD $45 million. The consortium may yet buy out the League’s stake. “But it’s no bad thing having Larry Ellison as a partner,” Passi de Preposulo adds. “He’s been a mentor to Jimmy.”
The goal? “To win. And then, to make the investment profitable. We’re targeting positive EBITDA by next year.”
SailGP, after all, is run like a business. Ellison funded the launch, but is now recouping that outlay. Ten teams have already been sold. Spain and New Zealand are next.
Spending is capped: each team has a maximum budget of USD $10 million per season — including sailor salaries. “So if your sponsorship brings in $10 million and one cent, that cent is pure profit,” Passi de Preposulo explains. Teams can sell advertising on hulls, sails, and foils.
“This is a long-term vision,” says Grazioli-Venier. “We want to build one of the most competitive, commercially successful teams in the league. And use the platform to promote innovation and cultural impact — while celebrating Italian excellence.”
Beyond capital: diversity and purpose
Grazioli-Venier also emphasises values like inclusion and sustainability.
“We sought investors who could contribute not just financially, but also to brand, culture, and community,” she says. “Anne Hathaway is a passionate advocate for gender equality and sustainability — both central to SailGP’s mission.”
From the start, the league has integrated male and female athletes. “Our Ruggero Tita believes that training and competing alongside women makes you a better athlete — more than staying within your gender category,” says Grazioli-Venier. “And inclusion is also good business.”
Muse Capital, for example, has backed Eli Health, a company tracking hormonal cycles through saliva — helping female athletes optimise training and recovery. “If we want women’s sport to grow, we need to invest in the support systems around the female body,” she says. “And we’re bringing that philosophy into SailGP’s Women’s Pathway Programme.”
The Italian event
And what of a home race in Italy? There was an attempt in Taranto, later cancelled due to lack of funding. “We’re working on it,” they say.
Naples is a strong candidate for 2026 — and will also host the 2027 America’s Cup. “Many SailGP sailors are also in the America’s Cup,” they note. “Racing in Naples the year before would be a valuable test. But there are other Italian cities interested too. We’re pushing hard.”
Could Italy host more than one event in future?
“Why not?” they say. “We’ve got 70% coastline and some of the most beautiful sailing waters in the world.”
“A home event,” says Grazioli-Venier, “would allow us to turn millions of Italian sailing fans into active SailGP supporters. We’re working with the League and with national partners to make that a reality.”
Full circle: the fathers
One last note — the Whitbread connection.
Recently, Assia visited Venice. Gian Luca suggested she visit his family home, Villa Tiepolo Passi. While there, she noticed a black-and-white photo of the yacht CS\&RB.
“What’s that boat doing here?” she asked Alberto Passi de Preposulo — Gian Luca’s father.
That’s when they discovered that both of their fathers had sailed aboard the same boat, on different legs of the round-the-world race.
They hadn’t known. So last year in New York, Assia and Gian Luca introduced them — for the first time — and shared their own challenge in SailGP.
Sailing always comes full circle.
