Posts Tagged ‘Ukraine’
AC34 Challenger of Record Artemis Racing has had a rough year of it; first losing Bart Simpson, then blowing some $100M of team owner Torborn Tornquist’s cash in what turned out to be the a completely uncompetitive bid for the America’s Cup and the weakest in the fleet.
Artemis boss Iain Percy has been busy building Tornquist’s team for AC35, with helmsman Nathan Outteridge signing up again and a design team rapidly coming together, but Russia’s military action in Ukraine may throw a wrench in Tornquist’s money machine if a Reuters report yesterday is a sign of things to come.
Reuters (via BusinessInsider) says that the US Government’s latest round of economic and travel sanctions names Gennady Timchenko (on the right in the image above), Tornquist’s partner and the co-founder of oil and gas business giant Gunvor, writing that “Timchenko’s activities in the energy sector have been directly linked to Putin” and that the Russian President “has investments in Gunvor and may have access to Gunvor funds.” Timchenko’s US holdings are immediately subject to an asset freeze and the oligarch can no longer travel to the US or its territories, and he ‘sold’ his 44% stake in Gunvor yesterday to Tornquist to prevent the turmoil from effecting the monster company he built.
With Europe in strong solidarity with the US and Russia showing no signs of backing down from its occupation and annexation of Crimea (and making strong moves now in Latin America), could Tornquist be next, potentially losing the ability to sponsor his Cup team or even attend any US-based events? Almost as importantly, the Russian annexation and its consequences certainly crush any hopes that Russian gas giant Gazprom had for getting their own Cup team off the ground this year. That could kill two well-funded AC teams off before the Protocol for AC35 even hits the mailbox, and the rumored Russian ACWS venue negotiations are not going to go well.
Nice work, Vlad!
March 21st, 2014 by admin
The rapidly changing face of sponsorship in a post-GFC world requires new thinking and new alliances, but it also is brings new problems to the table.
Example 1: All Americans are stoked to see the All-American Offshore Team boys running the show for the first Volvo Ocean Race challenge with a Turkish sail number. Turkish sponsor Alvimedica is a young, cutting-edge medical tech company from Istanbul, and the entry hopes to build and grow interest for offshore racing in the near East nation. But what happens to that effort if both Youtube and Facebook can’t even be accessed from Turkey, as an Associated Press story today reported might be coming soon? Check out what the Turkish Prime Minister said on censoring the internet here.
Example 2: The whole world has eyes on the Black Sea as Russia continues what seems like an empire-building exercise in Crimea. With sanctions on Russian individuals already imposed by the US and EU, suddenly those Greenpeace protests of the Gazprom-sponsored Esimit Europa Maxi seem almost quaint. Why’s that? Because the massive Russian-owned energy utility is already sponsoring an Extreme 40 team, and solid inside rumors have them looking at entering the next America’s Cup with a big Gazprom logo on the wing. ABC Madrid reporter Pedro Sardina says that Gazprom will be on the world stage even before that (though we haven’t been able to confirm); Sardina writes that ETNZ boss Grant Dalton has already signed a deal with Gazprom for sponsorship of the ETNZ/Pedro Campos round-the-world bid.
What happens when a Russian owned and/or sponsored team comes to a Europe that may be boycotting Russia? And what happens to events like the Extreme Sailing Series’ Russian stage?
- Tags: America's Cup, extreme sailing series, russia, St. Petersburg, team alvimedica, Ukraine, volvo ocean race
March 7th, 2014 by admin