The $250,000 Performance Bond serves to test the financial strength of the challenging syndicates to more accurately measure which teams are likely to make it to the event.  The money is put into escrow and once the challenger's team makes it to the starting line for the challenger series beginning in October 1999, the quarter-million is returned.  How many of the eighteen official challengers will meet this obligation will be announced shortly after the January 31st deadline.

Despite pronouncements from skeptics that the Challenge would never get off the ground, Team Caribbean raised over $2 million in 30 days, purchased a training yacht, hired veteran America's Cup designer David Pedrick, established a community marine program, hosted a world-class match racing regatta in Charlotte Amalie Harbor and has now posted the quarter-million dollar bond.

"We've set and met goals all along the way," said Steve Morton, Vice President of Operations.  "This is essentially a four-year campaign and we're on schedule to accomplish many of the things we said we would when we first announced.  We continue to concentrate on fundraising and our design and technology program. Up to now the money we've raised has come from a relatively small community of ardent supporters here in the Virgin Islands.

We've proven we are viable and we believe that it is now time to attract corporate support for what we represent and the story we have to tell."

The campaign is the first Caribbean-based challenge for the America's Cup, the only U.S. territory ever to challenge, and the only challenge ever made official by a woman commodore.  A number of large corporations in the Caribbean and U.S. have expressed interest in what the team represents-the promotion of cultural and racial diversity and greater enjoyment, utilization, and respect for our marine environment.  Morton believes it is this unique profile among the announced challengers that will ultimately bring in the corporate dollars.

"We have a lot to offer companies that do business in the Caribbean region and throughout the United States," says Morton.  "If Tiger Woods can transform the sport of golf, imagine what Team Caribbean can do for sailing.  The companies we are talking with understand the marketing and promotional value of our campaign.  Our story has attracted the media and we expect that to continue, giving our sponsors increased value."

Aside from the continued emphasis on fundraising and design, Team Caribbean is preparing to compete in the "Mini-America's Cup Regatta" to be held in Auckland next April. Racing will feature six of the currently eighteen announced challengers and will take place in the two identical yachts built for the 1992 America's Cup.

"There will be a significant expense in attending this event, but the advantages of competing against other challengers and the defender, in IACC yachts, in New Zealand, will be a great opportunity for us as one of only six invited teams.  We are optimistic that the sponsors will come forward in time with the necessary funding and receive the exposure and benefits made available by this opportunity to play in the pre-game warm-up."

Morton noted that besides the many benefits offered to individual and corporate sponsors on the road to and at America's Cup 2000, Team Caribbean supporters stand to realize an exponential return on investment if their team brings the Cup home.  Recent studies indicate the America's Cup is worth hundreds of millions of dollars to the country or region that holds the famous trophy.