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Thread: 8 new notices of challenge received at close of 36th america’s cup entry period

  1. #1
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    8 new notices of challenge received at close of 36th america’s cup entry period




    The period for late entries for the 36th America’s Cup presented by Prada officially closed today, the 30th November 2018.

    The Royal New Zealand Yacht Squadron and Emirates Team New Zealand can confirm there have been an additional 8 Notices of Challenge received by the 5pm (NZT) deadline.

    According to the supporting entry documents, only one of these entries is capable of immediate acceptance while the remaining seven notices of challenge carry conditions. Some of the entries are likely to be invalid, something which will be determined through a vetting process which will begin immediately.

    “We are really encouraged by the level of interest that has been shown from around the world by the number of notices of challenge that have been lodged by today’s deadline,” said Emirates Team New Zealand CEO Grant Dalton.

    “It has been a long time coming, but worthwhile to give potential teams every opportunity to enter what will be a huge global event for New Zealand. However, we must remain cautious and not jump to conclusions on the final number of teams. It is only when the acceptance process has been completed that we will know how many will compete in the Prada Cup alongside Luna Rossa, American Magic & INEOS Team UK.”

    Conditions of some of the challenges will require changes to the Protocol, which is therefore dependant on agreement with the Challenger of Record before each new challenger’s participation can be confirmed.

    “We understand there will be questions around what a conditional challenge is,” explained Dalton.

    “To give some context, an example is where we might have a challenge that is conditional on there being an America’s Cup World Series event in that specific challenger’s country. This, obviously, is something that cannot be determined today and also needs agreement with the Challenger of Record.”

    The process of assessing the entries and conditions of the 8 new challengers will begin immediately with the Royal New Zealand Yacht Squadron and Emirates Team New Zealand. Emirates Team New Zealand is acutely conscious of the need to advise Auckland Council and the Government on the base infrastructure footprint requirement which has an impact on overall costs.

    The Government and Council have been advised that a maximum of five challengers can be accommodated on Wynyard Point with three double bases and two singles. Should less than three of the late challenges be accepted, the Government and Council will then have the option of not proceeding with the Hobson Wharf extension for the 36thAmerica’s Cup, which would result in considerable cost savings.

    “The planning of the America’s Cup venue and infrastructure has been a detailed but fluid process and Emirates Team New Zealand and America’s Cup Event Ltd have been highly conscious of infrastructure build costs while wanting to retain the ability to accommodate as many challengers as necessary by today’s deadline,” said Dalton.

    “We want to act quickly with the Challenger of Record so we can definitively inform Council and Government on the total number of teams we need to accommodate or whether it is sensible not to extend Hobson Wharf in this current edition of the America’s Cup, which could save a significant amount of infrastructure expense.”

    “We are really proud to have this many teams submit entries for the 36th America’s Cup event which is a true reflection on the belief and excitement of the new AC75 boat concept and the ideal host venue for racing in 2021 in Auckland, New Zealand,” concluded Dalton.

    The official announcements of the new accepted challengers will be made at a later date after the completion of the conditional entries process and in accordance with each team’s preference on the timings of their respective public announcements.


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  2. #2
    Does that mean they have thrown in a bundle of cash as well?

  3. #3
    They probably are on waivers for now.

  4. #4
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    Quote Originally Posted by Conan the Librarian View Post
    Does that mean they have thrown in a bundle of cash as well?
    Good question... Richard Gladwell summarizes it all in today's article:CLICKY

    The second tranche of the Entry fee is a further US$1million, which is due now, November 30, 2018, for the three Challengers who have already been accepted. Or they can opt to pay it off over nine months on a time payment plan.

    For late entries, there is a further $1million Late Entry Fee again payable by December 31, 2018.

    Of course, there is the usual Performance bond of U$1million - which is a documentary bond or cash.

    When comparing Challenges between the 1987-1995 era, the entry fees were between $12,000-$75,000 and attracted a peak of 24 entries in 1987 dropping to eight in 1995.

    Against that detailed backdrop, 11 challengers paying US$2-3million each in Entry Fees by the end of December 2018, doesn't look too bad - and looks even better with the knowledge that the US$1million Performance Bond is paid by December 31, 2018. Why would anyone pay US$4million in just four weeks if they weren't serious?

    It is hard to believe that any of the Challenges lodged are snowflake challenges - which if accepted will pay their $4million of entry fees and performance bonds, and then pull out a few months later.

    The Conditions that are likely to be negotiated for exceptions are expected to relate to an easing of the entry and performance payment dates - almost purely for administrative reasons - and they could be stretched for a month or two, but no more.

    It is unlikely that the late Entry Fee would be dropped as has happened in previous Cups. However only one team is believed to have asked for this requirement.
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  5. #5
    Maybe they should lower entry fee?

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