Americas Cup Entry Fees Forced to Slash by 3/4
December 23, 2010
The America’s Cup has been forced to slash it’s entry fees by almost three-quarters due to a lack of entries for the next event in 2013.
The flagship sailing event has seen just 5 teams commit to an interest in competing including defending champions BMW Oracle and challengers of record Mascalzone Latino. Worries are mounting ahead of the event due to kick off next June with a series of preliminary regattas in smaller versions of the official America’s Cup 72ft wing-masted catamarans.
The entry fee and performances amount was set to total at £2.6m (US$4m) but has been drastically reduced to £710,000 ($1.1m) following discussions between existing and potential competitors and the event organisers, America’s Cup Racing Management.
A further five months have also been allowed to make those payments in recognition of the difficult economic climate which is said to be preventing campaigns from raising the necessary sponsorships funds, said to be at least £15m ($23m) a year.
“These changes are designed to allow the teams to put their initial investments into building their teams and boats,” said Iain Murray, regatta director for the 34th America’s Cup and head of ACRM.