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The America's Cup originated in 1851 when the yacht AMERICA won the race around the isle of Wight for the 'Hundred Guineas Cup'. The 'America's Cup' was presented to the New York Yacht Club (NYYC) in a Deed of Gift that mandated a 'friendly competition between foreign nations'.
The Cup becomes the possession of the yacht club that wins the competition. That club then becomes the 'defender' and determines the date, usually 3-5 years hence, when the next America's Cup will be held on the club's home waters.
'Challengers must race under the burgee of a legitimate yacht club, of any nation. Challengers compete against each other in the 'Challenger Selection Series' for the right to race one-on-one against the defender in the America's Cup.
The Cup is now contested in international America's Cup Class (IACC) yachts measuring approximately 75-feet. They are sailed by a crew of 16. Each yacht must be constructed in the country of its respective 'challenger' or 'defender' and all crew must be residents of that country.
The NYYC successfully defended the Cup for 132 years, losing to Australia in 1983. The United States regained the Cup in 1987 then lost it to New Zealand, a nation of only 3 million people, in 1995.
The next America's Cup will be held in February 2000 in Auckland, New Zealand. The deadline for submitting a challenge, with accompanying US$100,000 entry fee, is May 14, 1996. Late challenges may be accepted until May 14, 1997, but the entry fee is doubled. A viable syndicate could consume US$10 - $35 million competing for the 2000 Cup.
The America's Cup has long been contested among wealthy private 'gentlemen' from many nations. Baron Bich, Sir Thomas Lipton, Ted Turner and Bill Koch are among the Cup's more colorful contenders.
In 1980 the Cup competition was altered forever by the introduction of professional sailors, commercial sponsorships, advertising and television coverage. It has since become a mammoth worldwide marketing event.
In 1992, the Nippon Syndicate of Japan, Raul Gardini of Italy and Bill Koch of the United States reportedly spent over $100 million each to mount a campaign. Following the 1992 Cup, a rule was introduced to cap the cost of Cup campaigns by limiting each syndicate to building a maximum of two boats.
During the 1995 Cup campaign, three U.S. syndicates battled for the right to defend. Each raised an estimated US$10 - $18 million and built a single yacht.
Corporate sponsors of U.S. syndicates in 1995 included:
Chevrolet * Gillette * Dry Idea
Hewlett Packard * Hyatt Hotels * Glamour Magazine
American Airlines * Sears * PepsiCo
Motorola * Cadillac * Ocean Spray
Boeing * Philip Morris * Unum Insurance
Yoplait Yogurt
Clearly, the America's Cup competition is an international war among individuals and nations waged with financial resources, technology and talent. The Cup is generally won by the team that designs and develops the fastest boat -- and then sails it to its highest level of performance. |
