AMERICA'S CUP OVERHAULED FOR REVENUE- 14 Sep 2010 00:00:00
Organisers for the 34th America’s Cup have completely revamped the competition in a bid to increase sponsor returns and commercial value for the long term.
Central to that effort is the new America’s Cup World Series, which will start in 2011 and will expand the audience ahead of the 34th America’s Cup - which has been confirmed as scheduled for 2013.
It was also confirmed that the race will be competed in high-tech wingsail catamarans according yo organisers Golden Gate Yacht Club (GGYC) of the United States.
The annual World Series will provide year round media, sales and hospitality opportunities for sponsors, taking racing to new countries and new audiences.
Significant investment will also reshape the media output of the event with the production including onboard cameramen, state of the art live streaming and distribution.
Russell Coutts, CEO of BMW Oracle Racing said: ‘During our six months of planning we spoke to the teams, to commercial partners, to media and to the fans. A clear and compelling vision emerged – that to capture and communicate the excitement our sport can produce, we need the best sailors racing the fastest boat in the world.’
Looking to the future of the sport, a Youth America’s Cup will also be introduced in 2012, providing young sailors a clearly defined path to the America’s Cup and a chance for the event to engage with a new generation.
A substantial series of cost-cutting measures also introduced will help teams achieve their global commercial objectives.
‘We believe this new format and new boat will put the America’s Cup back at the pinnacle of our sport. These changes will give equal opportunity to competitors and long-term economic stability to all teams and all commercial partners. We promised fairness and innovation and this is what we’ve delivered,’ Coutts said.
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