Hamilton Island Yacht Club CEO, Iain Murray told Sail-World that the decision to withdraw from the 35th America’s Cup was only made in the last 48 hours.
‘This challenge has grown to the point where the gap between the commercial side and the competitive costs’ are out of HIYC’s comfort zone
‘The Cup campaign has grown into a far bigger cost and potential risk, with which they are not comfortable.’
‘We’ve had a detailed assessment of the campaign, and have had expert advice from a lot of expert companies that deal in the commercial area. Even though I think the commercial feeling is very positive towards the America’s Cup, the timeline is the killer in this Cup.
‘Sponsors want to know where the venues are, and the dates. The gap gets pretty wide trying to get the sponsors to commit against the timeline of the expenditure.’
Murray’s comments come after the shock withdrawal of the Challenger of Record for the 35th Match – the second time in the last two America’s Cups that this has happened.
To follow the rest of this report follow the link here: http://www.sail-world.com/Europe/index.cfm?SEID=0&Nid=124684&SRCID=0&ntid=219&tickeruid=0&tickerCID=0