For more than two decades, Palm Beach Motor Yachts Founder and CEO Mark Richards has shared an extraordinary and special relationship with the Oatley family, skippering Wild Oats XI to numerous ocean-racing victories, including nine Rolex Sydney Hobart wins. Now, he takes the helm as both an owner and skipper—a full-circle moment in modern ocean racing. The timing is especially meaningful as it coincides with the 30th anniversary of Palm Beach Motor Yachts, founded by Richards from humble beginnings in Australia three decades ago and built on the same spirit of determination, precision, and innovation that has defined his racing success.

“This is our DNA and a strategic direction shaped with the board of this great company to build brand awareness, strengthen marketing, elevate the customer experience, and drive innovation,” said Richards. “Opportunities like this don’t happen without the support of an extraordinary team. With 1,200 people worldwide— sales, service, design, engineering, production, management and shareholders—we’re proud to demonstrate our shared values on one of the world’s most visible stages. I’m deeply grateful to the Oatley family for their amazing support and friendship over the past two and half decades, together we made Wild Oats XI a benchmark in global ocean racing. It’s an honor to carry that legacy forward under the Palm Beach Motor Yachts name. Whether it’s a 100-foot Supermaxi or a Palm Beach Motor Yacht, our principles never change: maximize strength, minimize weight, and pursue performance without compromise. Running a race yacht is like running a business, build a cohesive team, focused on a goal, work together with discipline and precision.”

Much like Formula 1 racing serves the automotive industry, Palm Beach XI will act as a living technology platform for Palm Beach Motor Yachts. The extreme conditions of ocean racing provide the ultimate environment to test cutting-edge hydrodynamic features, and advanced composite engineering solutions. For Mark Richards and his team, it’s the strategic expression of a lifelong passion for performance and innovation. Every insight earned on the racecourse flows directly into the company’s motor yacht range, ensuring Palm Beach Motor Yachts are not only stronger, faster, and more fuel efficient, but also carry forward the relentless spirit of improvement that defines the brand.

“Our investment in Palm Beach XI underscores the strength of our company and the continued evolution of the Palm Beach Motor Yachts brand,” said Basil Chan, Chairman of Grand Banks Yachts Ltd. “It connects the world of elite ocean racing with our design and engineering leadership, reinforcing our global growth ambitions.”