Ainslie’s America’s Cup Dream Gets Cash Boost

The British government has approved £7.5m in public funding to support Sir Ben Ainslie’s America’s Cup sailing team base in Portsmouth, as well as an additional £1.4m from the City’s Council.

The funding boost follows the news last month that Portsmouth City Council had approved plans to build the £12m team headquarters at Camber Docks, which Prime Minister David Cameron commented would ‘deliver a real sporting and economic boost to the UK.’

A government statement on Tuesday said the headquarters would employ around 90 people, with more job opportunities created down the supply chain in the same area that saw 900 jobs lost after the British defence company BAE decided to end its shipbuilding there.

A four-time Olympic sailing gold medallist, Sir Ben is aiming to raise £80m to lead a British team to victory at the 35th America’s Cup, likely to be held in the US in 2017.

Sir Ben said: ‘We will inspire more young people to get involved in the sport, along with supporting the growth of the marine sector in the Solent area to match the country’s F1 innovation hub.’

The Portsmouth base is set to a be focal point for the design and construction of the team boats and will also provide sports science and fitness facilities as well as a visitor centre.

Construction work is due to start immediately, with a planned completion date in May 2015.

Sport’s oldest international trophy has never been won by a British team, but Sir Ben Ainslie is hoping to change that with his new team after the Olympic medallist helped turn round a 8-1 deficit to win the title for Oracle Team USA in 2013.

Following that remarkable feat, Sir Ben was presented with the Leadership in Sport Award, sponsored by The Inzito Partnership, at the BT Sport Industry Awards 2014.

As part of the America’s Cup, the winner decides the rules and venue of the next event. As holders, Oracle Team USA have revamped the format, with qualifying rounds streamlined and the boats to be made smaller and cheaper, and at least a quarter of each crew must be from the team’s home nation.

The Ben Ainslie Racing team is pledging to bring the event back to UK waters if they win.