America´s Cup - Salvatore Sarno, owner of Team Shosholoza, the first ever America's Cup challenger to come from Africa, stated in a recent interview in the Italian newspaper Quotidiano Nazionale that the 34th America's Cup was very expensive and as a result Shosholoza wouldn't be taking part.
Vincenzo Onorato, owner of Mascalzone Latino, Challenger of Record, sent Quotidiano Nazionale a letter, replying to Captain Sarno's claims. [Note: The translation from the original Italian text is mine]:
I take inspiration from the interview by Captain Sarno in your newspaper to provide my testimony on the current state of the America's Cup and the budgets the teams that will require in order to participate. Captain Sarno is obviously not informed about the latest changes in the Protocol, dating from December 12th, among which it is reported that the entry fee was lowered to US$ 100,000 instead of € 1 million. The performance bond instead of US$ 3 million dropped to US$ 1 million (200,000 by April 1, 2011 and 800,000 by December 31, 2011).
Full interview click here