America’s Cup Forced To Slash Entry Fees

The lack of entries for the next America’s Cup in 2013 has forced the flagship sailing race’s organisers to slash entry fees by almost three-quarters.

Only five teams, including defenders BMW Oracle and challengers of record Mascalzone Latino, have committed to the event which is 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.

Each was due to pay a sequence of entry fees and performance bonds amounting to £2.6m by next July but, following a meeting of existing and potential competitors, the event organisers, America’s Cup Racing Management, reduced those payments to just £710,000 in total.

They also gave teams another five months 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 a year.

Other changes to the protocol include concessions on the amount of equipment that ACRM will ship to regattas on behalf of competitors and extra time for teams to share knowledge on designing their AC72s and building them, all of which should result in reduced costs.

‘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.