America's Cup- Entry process opens on 1 November
by Richard Gladwell on 26 Oct 2010
The America's Cup Defender, Golden Gate Yacht Club, has announced the process for entry into the 34th America's Cup, ahead of the entry window opening on 1 November 2010 and closing on 31 March 2011.
The Cup - 34th America’s Cup © Guilain Greiner http://www.hydroptere.com/
The only fee that is required with the lodgment of the Notice of Challenge is a $25,000 payment to America's Cup Properties Inc.
Once accepted further performance bonds are required to be lodged in mid-2011. While substantial ($1.5million each) they are refundable if the team does not default on the America's Cup World Championship series. The entry fee itself of a million Euros is not payable until April 2012.
There will be no formal announcement of details of the teams entered in the 34th America's Cup, save for an announcement of the fact that an entry has been received from a particular team. Further details of the entry will be at the timing and discretion of the team involved.
The announcement of the entry process follows the meeting of Interested Parties in the 34th America's Cup, which was an opportunity for teams considering entering the 34th America's Cup to receive first hand information from the Regatta Director, Iain, Murray and Event Director, Richard Worth as to the arrangements being put in place for the 34th America's Cup plus the preliminary series using the AC45 one design catamaran class.
The purpose of the meeting in Paris on Friday was to encourage teams to enter, in the realisation that the more teams entered the stronger the event became, which would in turn provide a springboard for future America's Cups, regardless of the Defender.
There were 24 teams represented at the Paris meeting, while many expect that number to reduce by at least half, experienced players will be cognisant that sitting out an America's Cup cycle is in fact taking a position in the 'market' and the primary decision should really be whether to enter a one or two boat team.
On the basis that the catamaran option chosen by Golden Gate Yacht Club is a success, because of the huge advantage in portability of multihulls for the World Championship circuit more so than the America's Cup, then standing out of a cycle and the missing the knowledge gained by other teams, is a substantial risk looking to the 35th America's Cup and beyond.
The numbers of teams entering will be viewed with considerable interest. The initial financial threshold is low, although the commitment downstream is high, but that should not be a deterrent for teams wanting to see if they can get traction in the market - the first step being an entry lodgment accompanied by the very modest fee.
The salient parts of the Entry document are:
1.4 Notices of Challenge received before midnight (0000 hours) California time on November 1, 2010 are not valid and will be returned.
1.5 After receiving a Notice of Challenge, GGYC will review the challenge and, if necessary, in consultation with your
Representative as indicated in your Notice of Challenge. When satisfied it complies with the requirements of the Deed and Protocol, we will advise your Representative by email that it has been accepted.
1.6 GGYC will publicly announce only that it has accepted a challenge and the date of acceptance. We will not announce other particulars unless you ask us (GGYC) to (you make your own announcement).
1.7 Once a Notice of Challenge has been accepted, the other fees required under the Protocol become due on the specified dates. The Event Authority will advise your Representative how to pay those fees.
1.8 Notices of Challenge (and Applications of Defense, see below) will be reviewed in the order they are received. If there are multiple pending Notices of Challenges, more than one may be being reviewed at the same time. As soon as a Challenge is deemed valid it will be accepted, irrespective of order of submission with other pending Notices of Challenge (or Applications of Defense).
To view a full copy http://www.americascup.com/wp-content/uploads/downloads/2010/10/GGYC-Trustee-Memo-1.pdf!click_here