Published September 24, 2009

M'sian investors buy stake in top sailing series

Move comes after KL says it will launch its own F1 team

By PAULINE NG
IN KUALA LUMPUR

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BARELY a week after Malaysia announced it would launch its own Formula One (F1) team, Malaysian investors have acquired an equity stake in the World Match Racing Tour (WMRT), seen by some as sailing's equivalent of F1.

Mr Kamarudin: Has been roped in for F1 by the AirAsia boss, who will act as team principal pending a full-time replacement

Privately held Regal Faith Ltd - made up of a consortium of investors based in Hong Kong, Malaysia and Australia - purchased from F10 Holdings Ltd its interest in ProMatch Tour Ltd. ProMatch is the exclusive rights holder to the Tour.

However, the statement issued by WMRT yesterday did not state the size of the interest or the names of the individuals in the consortium.

Even so, one local investor is believed to be businessman Patrick Lim Soo Kit. Mr Lim, who used to control property company Equine Capital, had been one of the prime architects behind the introduction of the Monsoon Cup race in Kuala Terengganu - the Tour's first Asian venue.

Match racing veteran Peter Gilmour, who had teamed up with Mr Lim to set up the Malaysian leg in 2005, was appointed acting president and tour adviser.

Whether the back-to-back announcements signal Malaysia's ambitions to play a bigger role on the global sporting stage, the new breed of entrepreneur tycoons is confident of the big bucks to be made from these premier events despite public criticism that the hundreds of million of ringgit spent would be better channelled elsewhere rather than into trophy events which might yield little, if anything.

Malaysia is to supply the 13th entry in next year's F1 calendar in a public-private partnership, with Lotus - owned by national car company Proton - anchoring its F1 ambitions.

Tony Fernandes, AirAsia founder and the brains behind the proposal, would act as the team principal pending a full-time replacement. A sporting enthusiast, Mr Fernandes has also roped in his AirAsia partner and deputy chief executive Kamarudin Meranun as well as S M Nasaruddin S M Nasimuddin of Naza Group.

Assuming only Malaysian businessmen are involved in the WMRT investment, the deal should attract less scrutiny. The same could not be said of the Monsoon Cup - now the last leg in the nine-stage Tour - which was mooted by former prime minister Abdullah Ahmad Badawi as a way of promoting Terengganu and generating jobs.

But its critics charge that its promoters had overspent public monies to establish the race - a novelty in that it is held in December during heavy monsoon rains - while the townspeople had seen little by way of benefit.