sail-world.com
 
 
News Home Cruising Photo Gallery Video Gallery

 

Sail-World.com : Battling billionaires rock the America's Cup boat

Battling billionaires rock the America's Cup boat

'America’s Cup'    ©ACM 2007/Photo: Vicent Bosch    Click Here to view large photo
Alistair Osborne in The Sunday Telegraph reports on the spat that has left the venerable America's Cup shipwrecked. At the centre of the squall between these two crashing egos is a 120-year-old document, running to just two pages.

Maybe Howard Hughes would understand. 'I'm not a paranoid deranged millionaire,' the late recluse once declared. 'Goddamit, I'm a billionaire.'

Judge Herman Cahn of the New York Supreme Court might recognise that. Any day now, he will give his verdict on a spiteful duel between two of the world's richest men that has marooned yachting's greatest prize, the America's Cup, in a legal spat of nit-picking complexity.

At the centre of the squall between these two crashing egos is a 120-year-old document, running to just two pages. It is the Deed of Gift, which governs the oldest trophy in international sport. In the hands of the two bilious billionaires, the case has become a pedant's, and lawyer's charter, degenerating into a row over what constitutes a 'keel yacht' and the definition of simple words, like 'weekday'.

Billionaire number one is the winner of the 31st and 32nd races: Ernesto Bertarelli, whose father built the Swiss-based Serono biotech company, which was sold to pharmaceutical giant Merck in 2006 for $13.3bn (£6.8bn). Last year Forbes magazine ranked Serono-heir Bertarelli the world's 76th richest man, worth $8.8bn.

Billionaire number two is Larry Ellison, the brash software supremo still at the helm of Oracle Systems, the American IT outfit he co-founded 30 years ago. Fortune ranked him number 11, worth $21.5bn. Not that Ellison would care. 'Money is just a method of keeping score now,' he said recently.

Just participating in the America's Cup can cost a team between £40m and £80m. But, as a boatload of billionaires have found to their cost, it is one prize money cannot buy. Bertarelli hinted at as much after he won the last renewal: 'It's been a real lesson in life; one of the hardest things I've ever done, and today, besides the birth of my kids, is probably the best day of my life.'

Perhaps that feeling explains the extraordinary goings-on since Bertarelli's Swiss Alinghi team scooped the 'Auld Mug' in Valencia last summer.

Many believe Judge Cahn will force the warring billionaires to settle their differences on the water this autumn.

While he ruminates on his decision, the judge might also reflect how times have changed since British tea baron Sir Thomas Lipton sunk much of his fortune and three decades of his life into five failed challenges for the cup, spanning 1899 to 1930. When, at the age of 80, Lipton finally gave up, New York mayor Jimmy Walker presented him with a silver cup, recognising him as 'the world's best loser'.

That's a status Bertarelli and Ellison would find nauseating. Happily, one of them must lose.

Full article at
The Sunday Telegraph click here




by Alistair Osborne/The Sunday Telegraph

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=41674

3:13 PM Sun 10 Feb 2008 GMT






Click here for printer friendly version
Click here to send us feedback or comments about this story.

Click for further information on
2013 America's Cup

Related News Stories:

27 May 2014  America's Cup: Oracle Team USA under stress
23 May 2014  America's Cup: Oracle and Team NZ designers reveal AC72 secrets
22 May 2014  America's Cup: Artemis death verdict 'result of an human act'
10 May 2014  A year after the Artemis incident, the sailors tell of the pain
01 May 2014  America's Cup: Oracle and Team NZ tech insights - Free lecture tonight
16 Apr 2014  America's Cup: Expected de Ridder penalty should be reduced
14 Apr 2014  America's Cup: Dean Barker's Blog - A sail with the Duke and Duchess
12 Apr 2014  America's Cup: Coutts claims ISAF Jury on a crusade, backs Kiwi report
10 Apr 2014  America's Cup: Two Kiwis escape hometown action in AC45 rules ruckus
03 Apr 2014  34th America's Cup: A Match of three weeks - Part 3 - Under the Pump
MORE STORIES ...

News - USA and the World











Techno 293 Worlds - France and Italy claim titles by International Windsurfing Association,














420 World Championship - Singapore and Spain out front by 420 International Class Association,






























Lightning strikes cut short CFJ Nationals by Andy Kopetzky, Santa Monica Bay












Snipe Western Hemisphere and Orient Championship headed for San Diego
WPA Championships - Kids race divisions offered
New Clever Pig launched by US Sailing
America's Cup: Group agrees to co-operate in London Meeting
Copa del Rey Mapfre - Build-up reveals some remarkable enthusiasm
Marblehead NOOD Regatta - Images by Leighton O'Connor
America's Cup: Two AC72 skippers discuss Foiling Moths and the Cup
RS Feva World Championship - Brilliant sailing on day 2
America's Cup: Alameda makes overtures on Venue hosting for San Fran *Feature
Cape Panwa Hotel Phuket Race Week 2014 - Relishing a challenge
Edgartown Race Weekend - BBBR and Round-the-Island Race winners named
Etchells Invitational Cup - Aussies take early lead in Cowes
PWA Fuerteventura Grand Slam - Antoine Albeau strikes back on day 4
Aquece Rio – International Sailing Regatta - All set for test event
ISAF World Sailing Rankings for 28 July 2014
29er World Championship - All set in Kingston
ORC World Championship - Third Course area opens for huge fleet
Day one of the Allen RS Feva World Championships
Anna Tunnicliffe: Final two days of the 2014 Reebok CrossFit Games
Joachim Aschenbrenner takes gold at ISAF Youth Match Race Worlds 2014
Maxi Soh scores double wins in CMRC Summer Doubleheader   
29er World Championship opening ceremonies in Confederation Park   
PWA Fuerteventura Grand Slam - Action resumes on day 3   
Land Rover Sydney Gold Coast Yacht Race Start 2014 VIDEO   
Laser Radial Men’s World Championship 2014- Final day   
2014 Pacific Cup - Scarlet Runner wins   
Gladwell's Line: America's Cup - Joint Statement is a curious note *Feature   
ISAF Youth Match Racing World Champ - Top four battle it out for final   
BIC Techno 293 Worlds 2014 - Day 6   
PWA Fuerteventura Grand Slam - Wind teases competitors on day 2   
Women’s Match Race Golfe du Morbihan - Action-packed day of racing   
Herreshoff Marine Museum announces successful fundraising campaign   
Brewin Dolphin Commodores' Cup - The most comprehensive victory yet   
Anna Tunnicliffe fourth at mid-point of 2014 Reebok CrossFit Games   
2014 29er North American Open Championship - Australians win   
INSA Sabot II Invitational Regatta - Erik Hou claims victory   
CMRC Summer Invitational Series - Maxi Soh wins Doubleheader A event   
International Moth World Championships - Nathan Outteridge wins   
International Moth Worlds - Victory for Nathan Outteridge + Video   
PWA Fuerteventura Grand Slam - First blood to Toselli and Angulo   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW US
LocalAds   DE  ES  FR  IT