A new chapter for a racing icon
One of the world’s most recognisable ocean-racing yachts is about to sail under new colours. The 100-foot Supermaxi Wild Oats XI, winner of nine Rolex Sydney Hobart line honours, has been acquired by Palm Beach Motor Yachts, a subsidiary of Grand Banks Yachts Ltd. Rebranded as Palm Beach XI, the yacht will rejoin the international racing scene at this year’s 80th Rolex Sydney Hobart Yacht Race.
For Mark Richards, Palm Beach founder and long-time skipper of Wild Oats XI, the move is deeply personal. After more than twenty years at the helm, guiding the Oatley family’s Supermaxi to countless victories, Richards now takes command as both owner and skipper – a rare full-circle moment in modern yachting.
“This is our DNA,” Richards says, describing the project as a natural extension of Palm Beach’s commitment to technology, precision, and innovation. “Running a race yacht is like running a business – build a cohesive team, stay focused, and pursue performance without compromise.”
Rebuilt for the future
The yacht’s transformation is already underway, with a new keel and bulb, upwind daggerboards, and C-foils engineered to reduce drag and maximise lift. The design will make its public debut at the Fort Lauderdale International Boat Show on 29 October, where Palm Beach will unveil renders of the new configuration.
For Palm Beach, Palm Beach XI represents more than a racing entry – it’s a working technology lab. Richards likens it to Formula 1’s role in the automotive world, a proving ground where new materials, hydrodynamic refinements, and engineering solutions can be tested in extreme conditions. The lessons learned on the racecourse will flow directly into Palm Beach’s motor yacht range, improving efficiency, strength, and balance across the brand’s Classic, GT, and GT RS models.
A brand driven by passion
The relaunch arrives as Palm Beach Motor Yachts celebrates its 30th anniversary, a milestone that reflects three decades of precision craftsmanship and Australian ingenuity. Richards founded the company in 1995 with a vision to blend racing performance with refined luxury – principles that continue to define every Palm Beach yacht.
“This campaign brings our competitive spirit to the world stage,” says Basil Chan, Chairman of Grand Banks Yachts Ltd. “It connects elite ocean racing with our design and engineering leadership, reinforcing Palm Beach’s global ambitions.”
Over the next two years, Palm Beach XI will spearhead a global racing and brand campaign, with Palm Beach owners invited to join private events and activations linked to the yacht’s programme. It’s an opportunity to step inside a living legacy – not just as spectators, but as participants in a story that continues to evolve.
The legacy continues
By carrying Wild Oats XI forward as Palm Beach XI, Mark Richards honours the Oatley family’s extraordinary contribution to offshore racing while writing a new chapter under the Palm Beach banner. The partnership blends racing heritage with modern design, bridging two worlds defined by precision, endurance, and passion for the sea.
Whether in the heat of the Sydney Hobart or cruising at speed aboard a Palm Beach GT, Richards’ message is the same: performance and craftsmanship belong together. And now, both have a new flagship.
