America's Cup Challenge Deadline today

by Louis Vuitton Media Group on 1 Mar 2001 America's Cup Challenger Deadline Looms
by Louis Vuitton Media on 28 February 2001 07:13:00 GMT

On the first day of March 2001 the first deadline for syndicates wishing to challenge the Royal New Zealand Yacht Squadron for the America's Cup expires.

To be a challenger a yacht club has to send a bank draft or letter of credit to the New Zealanders for US$150k along with a certain number of other administrative details. This money is non-returnable should the challenge not materialise later on.

So far eight challenges have been received by the Royal New Zealand Yacht Squadron - they are from The New York Yacht Club, on behalf of Team Dennis Conner, Dusseldorf Yacht Club, on behalf of the Illbruck Challenge, Yacht Club Punta Ala, on behalf of the Prada Challenge, UNCL, on behalf of the French Defi, Royal Ocean Racing Club, on behalf of GBR Challenge and the Societe Nautique de Geneve, on behalf of the Swiss Challenge. A second Italian challenge and OneWorld have also challenged and been accepted, more details of these last two syndicates' yacht clubs are still to come.

One of the most active syndicates that still has to formalise its arrangements is Oracle Racing from the United States. This syndicate is working on finalising contarctual arrangements with its yacht club and should make an announcement this week.

Another syndicate that has made all the right noises initially but had gone quiet recently is the Swedish Challenge. If these last two fail to have their challenges accepted by the 1st March deadline they have a further 12 months to pay the money and beaccepted. The entry fee however will double to US$300k.

There are also rumours of a new Japanese syndicate and a new Spanish syndicate having approached the Squadron's officials, but not much hope is being held out for these two.

So realistically there could be as many as ten challengers battling for the Louis Vuitton Cup from October 2002.

Links:
www.louisvuittoncup.com