Hashtag: #ACEconomy
XL Catlin: America’s Cup Insurance Partner
XL Catlin and the America’s Cup Event Authority [ACEA] have agreed a global partnership that sees XL Catlin being named the Official Insurance Partner of the 35th America’s Cup and the Presenting Partner of the America’s Cup Volunteer Program. “We’re delighted to welcome XL Catlin to the America’s Cup family,” said Dr. Harvey Schiller,... Read more of this article
America’s Cup Delivery: Oleander Braves Storm
Last weekend Bermuda’s shipping community were put to the test when delivering vital infrastructure for the Louis Vuitton America’s Cup World Series. Hurricane Joaquin forced the MV Oleander, loaded up with 43 forty-foot containers for next week’s event, to delay her departure from New York. The cargo she was delivering included AC45F catamarans... Read more of this article
35th America’s Cup Economic Impact Report
According to the Potential Economic Impact [PEI] assessment released by the ACBDA, the direct spending on-island for the America’s Cup is estimated to be “in the region of approximately $250 million.” The ACBDA said, “The document was prepared in October 2014 by the Bermuda America’s Cup Bid Committee and summarises the review... Read more of this article
PAC To Meet: Public Funding For America’s Cup
The Parliamentary Standing Committee on the Public Accounts will conduct a Public Hearing on Thursday [April 23] where they are expected to deliberate on matters relating to public funding for the America’s Cup. A spokesperson said, “The Parliamentary Standing Committee on the Public Accounts will conduct a Public Hearing on Thursday, 23rd April... Read more of this article
America’s Cup Changes Approved: Majority Vote
The America’s Cup teams have agreed to make changes aimed at significantly reducing costs for the 2017 America’s Cup, with the organisers saying the rule changes “were passed by a majority vote of the Competitor Forum, comprising the six teams.” Central to these changes is the introduction of a new America’s Cup Class – a wing-sailed,... Read more of this article
AC Teams To Vote On Cost Cutting Measures
The six teams entered in the America’s Cup will vote this week on whether to adopt a new America’s Cup Class that will significantly reduce costs. “The new America’s Cup Class under consideration is a wing-sailed, foiling catamaran between 45 and 50 feet,” according to the America’s Cup website. “The boat would make its... Read more of this article
America’s Cup: Smaller Boats To Reduce Cost
The competitors and organizers of the 2017 America’s Cup are planning to implement a series of rule changes to dramatically reduce team operational costs, primarily by racing in a smaller boat. “After reviewing prototypes of the new AC45 sports boats being tested on the water over the past several months, it is clear that if we raced smaller boats... Read more of this article
America’s Cup Boat Seized By U.S. Marshals
In response to a lien filed by a fired sailor, U.S. Federal marshals seized America’s Cup champion Oracle Team USA’s prototype boat in San Francisco yesterday [Mar 8] before it could be shipped to Bermuda, the Associated Press reports. The AP’s report said the marshals went to the team’s base in San Francisco and “determined... Read more of this article
Court Authorizes Seizure Of Team Oracle’s Boat
Marshals have been authorised to seize America’s Cup champion Oracle Team USA’s prototype boat in response to a lien filed by New Zealand sailor Joe Spooner, the Associated Press reports. The warrant was issued late Friday by the US District Court in San Francisco, and the boat hadn’t been seized as of mid-day Saturday, Oracle Team... Read more of this article
Bermuda Cup Venue Reduces Team NZ’s Budget
Bermuda being selected as the venue for the next America’s Cup had a “serious impact” on the New Zealand team’s finances and sponsorship funding, reducing the budget by some $20 million and each team member has “taken a significant pay cut” the team said. This came as the New Zealand team announced it had completed the... Read more of this article
Budget Extract: Costs For Hosting America’s Cup
By the end of the current 2014/15 fiscal year, Government will have spent $4.66 million on America’s Cup related expenses, and in the upcoming 2015/16 fiscal year, the Government will budget $11.7 million, Finance Minister Bob Richards said during Friday’s [Feb 20] Budget speech. Speaking on this year’s expenses, the Minister said, “By... Read more of this article
PAC Meeting On AC Funding: Summons, Letters
The Public Accounts Committee [PAC] held a meeting today [Feb 12] where they were due to hear testimony from Economic Development Permanent Secretary William Francis on the public funding for the America’s Cup, however Mr Francis did not attend the meeting, with the PAC Chairman saying that he was told that Mr Francis was unwell and working from home... Read more of this article
PAC To Deliberate On America’s Cup Funding
[Updated with location change] The Parliamentary Standing Committee on the Public Accounts will conduct a Public Hearing on Thursday, 12th February 2015 at 2:30p.m. in the Library at the House of Assembly. “It is expected that the Standing Committee will deliberate on matters relating to public funding for the America’s Cup, and hear testimony... Read more of this article
Portsmouth Predicts $187 Million Into Economy
The America’s Cup qualifiers which will be held in Portsmouth, UK are expected to attract some 160,000 spectators and pump more than £120m [$187 million] into the local economy, according to a report from the Portsmouth press. The report said, “As we start 2015, excitement is building to when the eyes of the world will be on the city as an... Read more of this article
New York Cup Announcement Trip: $5711.01
According to the latest listing on the Government’s travel webpage, the trip by Premier Michael Dunkley and his Public Affairs Officer to New York for the America’s Cup announcement cost $5711.01. Minister of Education and Economic Development Dr Grant Gibbons also attended the event, and his costs were listed separately as $628.90, bringing... Read more of this article
America’s Cup Bill: Vehicles, Exemptions & More
The America’s Cup legislation introduced in the House last Friday permits the America’s Cup Event Authority [ACEA] to import up to 80 motor vehicles up to limousine size and exempts ACEA from any fees payable under the Air Navigation Regulations 2012 in relation to helicopters and drones. The legislation was introduced in the last session of... Read more of this article
