Preheat the oven to 350F, and spray a bundt pan with baking spray {or use butter & flour}.

In the bowl of a stand mixer, combine the flour, baking powder, baking soda, salt, and sugar. Add in the butter, and beat on low until it's incorporated and has a sandy texture.

In a small bowl, whisk together the oil, eggs, sour cream, and vanilla, and add them to the dry ingredients. Mix until combined.

Finally, pour in the champagne, and beat on medium-low until smooth and creamy.

Pour the batter in the prepared bundt pan, and cook for 50-60 minutes, until a toothpick inserted in the center comes out clean with a few crumbs. Set aside to cool slightly, then turn out onto a serving platter to finish cooling.

Next, make the glaze. In a small pot, combine the sugar and champagne and heat over medium heat. Whisk often until sugar is completely melted and allow to boil for 3-4 minutes. Set aside to cool to room temp before using. Using a pastry brush, brush the cake evenly 2-3 times with the glaze until cake is moist and soaked through.

Finally, make the frosting. In a small bowl, whisk together the champagne and vanilla extract. Add in the powdered sugar a little at a time, whisking to be sure the frosting stays smooth. When done, drizzle liberally on cake. Top with sprinkles, if desired. Enjoy!