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

 

Sail-World.com : America's Cup: Event organisers slash Entry Fees and Performance Bonds

America's Cup: Event organisers slash Entry Fees and Performance Bonds

'34th America’s Cup - Ian Murray and Richard Worth announced the big reductions in the Performance Bond and Entry Fee for the 34th America’s Cup'    BMW Oracle Racing © Photo Gilles Martin-Raget    Click Here to view large photo

The 34th America's Cup organisers have announced significant reductions in both the entry fee and the performance bond requirements over three months ahead of the closing date for entries.

The moves announced at the World Racing Forum in Portugal have slashed the entry free by over a million US dollars (previously set at E1million or USD1.3million) payable in April 2012. However the currency of the Entry Free has now changed completely to US dollars and where the Entry Fee was payable in April 2012, it is to be paid in June 2011 - ten months earlier, but the amount is just USD100,000 - a reduction of USD1.2million. A late entry fee of USD200,000 has been set.

The Performance Bonds (payable next year in April and July, but by way of first demand draft - rather than cash), have been slashed from a total of USD3million to just USD1million. The basis of payment of these too have been changed with the first payment being required of USD200,000 (previously USD1.5million) in April 2011.

The second payment of USD800,000 (previously USD1.5million in July 2011) is now not required to be lodged until December 2011.

In total the performance bonds are now USD1million rather than USD 3million and the payment time has been stretched by five months.

The moves come as a result of comment from the recent Competitors Forum, and are expected to generate up to three more entries, in the near future, over and above the five (including the Defender) which have already been lodged and accepted.

The changes to the Protocol, made largely as a result of input from the Competitors Forum run to nine pages click here?nid=78145 to view

34th America’s Cup Prospective Challengers conference suggested the reductions in Performance Bond and Entry Fee -  BMW Oracle Racing © Photo Gilles?nid=78145 Martin-Raget   Click Here to view large photo

The statement issued by the America's Cup Event organisers reads:

Several cost-reducing amendments to the America’s Cup rules have been adopted, following recommendations from the Competitor Forum, as well as prospective teams.

To maintain an open dialogue with current and potential teams, America’s Cup Race Management (ACRM) has hosted two briefings to gain insight into the needs of teams. Further discussions between ACRM and the Competitor Forum have resulted in amendments to the Rules that will reduce costs for participants.

'These changes are designed to allow the teams put their initial investments into building their teams and boats,' said Iain Murray, CEO, America’s Cup Race Management (ACRM) and Regatta Director for the 34th America’s Cup. 'We are here to help the teams and to ensure that every dollar will be well spent.'

Key points of the Rule Amendments

- Reduce entry fee by USD1.2million and bond requirements by USD2million
- Increase the equipment that ACRM will ship for Competitors to America’s Cup World Series venues
- Give Competitors an additional three months to build their first AC72
- Provide Competitors two additional months with common AC72 design team


The amended Protocol can be found at www.americascup.com/official-documents/

Details of the Rule changes were revealed by Iain Murray and Richard Worth, the Chairman of the America’s Cup Event Authority, as they participated in a panel discussion at the World Yacht Racing Forum on Wednesday afternoon in Portugal.




by Richard Gladwell

  

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

http://www.sail-world.com/index.cfm?nid=78145

9:05 PM Wed 15 Dec 2010 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:

09 Aug 2014  America's Cup: Former Artemis crew member says danger is being ignored
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
MORE STORIES ...

News - USA and the World



















2014 Rolex Big Boat Series - Farr 40 Day 4 by William Wagner, San Francisco
















































America's Cup: Luna Rossa sailing with two foiling AC45's + Video
Extreme Sailing: Emirates Team NZ retain second overall
ISAF Sailing Worlds, Santander - Rio Olympic Laser spots snapped up
Rolex Swan Cup - All set for final showdown
Upper Midwest sailors need help to take it to the next level
ISAF Sailing World Championships - RS:X action begins in Santander
ISAF Sailing Worlds, Santander - Americans rise in Laser and Radial
Extreme Sailing Series - A remarkable penultimate day’s racing + Video
Marseille One Design - GC32 GDF Suez unstoppable in the light
Rolex Swan Cup - Day 3 images by Carlo Borlenghi
ISAF Sailing World Championships - Images of the leaders in Santander
Rolex Big Boat Series - Good day for Double Trouble
Rolex Big Boat Series - Day 2 images by Erik Simonson
Royal Cup Marina Ibiza - TP52 fleet ready for tricky race tracks
Rolex Big Boat Series - Plenty maintains lead
2014 Asia Pacific Student Cup - Count down begins
Extreme Sailing Series: Live coverage of Day 3 - view here
Volvo Ocean Race 2014-15 - Going away
Volvo Ocean Race 2014-15 - Practice makes perfect
2014 J/70 World Championship - Contrasting conditions on Day 4
Rolex Big Boat Series - 50 years of big boat racing: a retrospective   
2014 Rolex Big Boat Series - Day 2   
Snipe Western Hemisphere and Orient Champ: Rios takes the Championship   
Volvo Ocean Race: Leg Zero signals start of the significant racing   
Extreme Sailing Series: Physically demanding racing for BAR on Day 2   
Emirates Team NZ: Holding second overall after Day 2 in Istanbul   
Extreme Sailing Series: A force to be reckoned with in Istanbul +Video   
ISAF Sailing Worlds - Day 1 images by Jesus Renedo and Pedro Martinez   
Marseille One Design: GC32's Armin Strom storms ahead on day 2 + Video   
ISAF Sailing World Championships - Racing underway in Santander +Video   
ISAF Sailing Worlds, Santander - Erika Reineke claims Radial race win   
Santander Worlds 2014 Mat Belcher (Part II) *Feature   
Rolex Swan Cup - Mistral keeps fleet shoreside   
PWA Cold Hawaii World Cup rescued by wave of local support   
ISAF Sailing World Championship, Santander - Opening ceremony images   
Volvo Ocean Race 2014-15 - Team Alvimedica geared up for Leg Zero   
J/70 World Championship 2014 - Healy surfs into lead   
2014 Rolex Big Boat Series - Day 1   
2014 Rolex Big Boat Series - Gripping first day on the Bay   
2014 Rolex Big Boat Series - Day 1 images by Erik Simonson   


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