33rd America s Cup Settlement negotiations break down
by Various 14 Nov 2007 03:33 PST
13 November 2007
SNG ask that lawsuit is withdrawn
AC Management, the organising body of the 33rd America 's Cup, have released the Event Regulations, the third and final document that will rule the competition scheduled to take place in 2009 in Valencia.
Following the publication of the AC90 Class Rule on October 31st and the Competition Regulations on November 8th, this new document has been produced in consultation with the Defender, Alinghi, and with the entered Challengers. It will govern mainly the commercial aspects of the relationship between the organisation and the participants. It also includes the deadline for entries, which has been set on December 15, 2007.
All the elements required to proceed with a successful competition in 2009 are now in place, and have the support of the Challenger of Record and all the existing competitors. However, the possibility of a race for the Cup in 2009 is impaired because of the negative effects that Golden Gate Yacht Club's (GGYC) lawsuit is having on sponsors and other arrangements for the Event.
The Société Nautique de Genève (SNG) has therefore required GGYC to withdraw its lawsuit by November 16 at 1700 hours, New York time, and to clarify its position with regard to its participation in the 33rd America 's Cup.
GGYC reply
The Golden Gate Yacht Club (GGYC) said today (13th Nov) it is disappointed that promising settlement negotiations for the next America’s Cup have been rejected by Société Nautique de Genève (SNG)/Alinghi.
“Today negotiators for GGYC and the Defender had verbally agreed to most points needed for a resolution, only for Alinghi to call back and say the deal was off,” Tom Ehman, GGYC spokesman said.
“This is highly surprising and disappointing,” Ehman said. “We had accepted assurances from challengers that the new design rule was fair and we were confident yesterday that other outstanding points were well on their way to being resolved in a way that was good for everyone.
“We offered to drop our legal challenge in return for Alinghi making the agreed changes to the rules. The other challengers have been very helpful in getting us to what we thought was virtual agreement.
“But only hours later, Ernesto Bertarelli’s lawyer, Lucien Masmejan, called to say they would not proceed with the settlement.
“We hope they will reconsider their position, and we remain open to further discussions before a court ruling that could come any day.”
Today’s letter from SNG demanded that GGYC drop its lawsuit and enter the event by November 16, and also implied that the event would be postponed if GGYC did not agree.
Copies of letters between the parties can be viewed on the GGYC website.