Few ocean-racing yachts carry the kind of weight that Wild Oats XI does. The 100-foot Supermaxi has claimed nine Rolex Sydney Hobart line honours, making her one of the most decorated and recognisable grand prix racing vessels in the world. Now she is entering a new era. Palm Beach Motor Yachts, a subsidiary of Grand Banks Yachts Ltd, has acquired the yacht and rebranded her Palm Beach XI. She will return to competitive offshore racing at this year's 80th Rolex Sydney Hobart Yacht Race, flying new colours but carrying a familiar pedigree.
For Mark Richards, the man who founded Palm Beach Motor Yachts in 1995 and spent more than twenty years skippering Wild Oats XI for the Oatley family, the acquisition is something quite rare in professional yachting. Having guided the Supermaxi to some of her greatest victories, Richards now steps into the dual role of owner and skipper, closing a remarkable loop in his racing career. The project, he says, feels entirely natural given what Palm Beach stands for.
"This is our DNA," Richards says, framing the campaign as a direct expression of the company's core values. "Running a race yacht is like running a business. Build a cohesive team, stay focused, and pursue performance without compromise."
Significant engineering work is already underway to prepare Palm Beach XI for the demands ahead. A new keel and bulb are being fitted, alongside upwind daggerboards and C-foils specifically designed to reduce drag and generate greater lift. The public will get their first look at the new configuration when Palm Beach presents renders of the redesign at the Fort Lauderdale International Boat Show on 29 October.
Richards sees Palm Beach XI as far more than a racing programme. He draws a direct parallel with Formula 1's relationship to the broader automotive industry, describing the yacht as a working technology laboratory where new materials, hydrodynamic solutions, and engineering concepts can be stress-tested in some of the most demanding conditions the ocean has to offer. The findings from those tests are intended to feed back into Palm Beach's full motor yacht range, with improvements in efficiency, structural strength, and balance flowing through to the Classic, GT, and GT RS model lines.
The campaign arrives at a meaningful moment for the brand. Palm Beach Motor Yachts is marking its 30th anniversary, three decades rooted in precision craftsmanship and Australian design ingenuity. Richards founded the company with a clear philosophy: that racing performance and refined luxury are not opposing forces but complementary ones. That belief has shaped every vessel the company has produced.
Basil Chan, Chairman of Grand Banks Yachts Ltd, says the campaign reflects the company's broader ambitions on the world stage. "This campaign brings our competitive spirit to the world stage," he says. "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 anchor a global racing and brand programme. Palm Beach owners will be invited to attend private events and activations built around the yacht's schedule, giving them a chance to engage with the campaign not merely as observers but as genuine participants in something still unfolding.
In carrying Wild Oats XI forward under the Palm Beach name, Richards both honours the Oatley family's extraordinary contribution to offshore racing and charts a distinctly new course. The two chapters sit naturally alongside each other, connected by a shared commitment to precision, endurance, and a deep regard for the sea. Whether Palm Beach XI is driving hard through a Southern Ocean gale or a Palm Beach GT is running at speed along a coastline, the underlying conviction remains consistent: performance and craftsmanship belong together, and always have.
