AC Breaking
As the world waited for Le Roi Russell to announce his entry list for the LOCATION TBD America’s Cup, we learned that the delay had nothing to do with whatever the AC spin said; our insider tells us that at least one team asked for a delay to shore up their finances and sponsorship scenario. Meanwhile, the AC has announced this morning that there are indeed five challengers who fronted up several million in nonrefundable deposits and bank pledges for the LOCATION TBD America’s Cup. While we remain highly doubtful that all five will make it closer than Team Australia did to the starting line of the LOCATION AND TITLE SPONSOR TBD Challenger’s Regatta in three years, we do hope they do; it would be great to see the UK and France do well, perhaps igniting some national fervor for the America’s Cup, and perhaps (as unlikely as it may be) wresting it from Coutts’ control to bring it to real international prominence.
Meanwhile, Sportbusiness.com today writes that Ben Ainslie has lost any chance at getting longtime BAR sponsor JP Morgan to foot the estimated $50-75M title sponsorship spot for his AC bid.
The Ben Ainslie Racing (BAR) sailing team will look for a new title sponsor for its inaugural 2017 America’s Cup campaign after the incumbent, financial services company JP Morgan, decided not to continue past 2014.
The BAR team is the UK’s entrant for the next America’s Cup series. It is led by Sir Ben Ainslie, the most successful sailor in Olympic history and tactician for Team Oracle USA during its dramatic victory at the 2013 America’s Cup.
It is understood that New York-based JP Morgan, which has been the title sponsor of Ainslie personally since 2007, and the main global partner of BAR since the team’s launch in January 2012, feels an alignment with a British team against American competitors would not match its brand image.
The team is now looking for a title sponsor on a three-year contract, from 2015 to 2017.
A UK South Coast insider sent us another update this morning, possibly explaining the JPM departure from Team Sir Ben.
I wouldn’t take this as a sign of anything other than regime change on the sponsorship front. When the team’s AC effort was launched, one of the things I noticed was there are a couple of people on the Board of the team from Vitol, an oil trading firm (including Ian Taylor, its CEO). Vitol is not quite Torben Torquist’s Gunvor, but that’s mostly in the sense it’s not largely owned, ultimately, by a tiger-petting Russian king.
Vitol is possibly not the most ethical of firms, and was only a few weeks ago exposed in engaging in UK Tax Avoidance on a massive scale, according to the Independent. With figures like those in the above article, it’s entirely concievable they have 50 million quids kicking around ready to drop on a Cup campaign. Given some of the other rather, ahem, ‘controversial’ transations Vitol has been associated with, it could be that JPM didn’t really want to be sharing signage space with them…..
And in a final piece of AC news, European sailing blog Farevela reported yesterday the completely terrifying news that Juan Kouyamdjian will be one of the designers of the underfunded Team France effort, perhaps built on the strength of Franck Cammas’ relationship with the JuanKer during the successful Groupama 70 VOR program. We’d humbly suggest our friends on the team get some extra life insurance…
Team France thread is over here. BAR is here.
