From: wwalker@qualcomm.com (Bill Walker)
Subject: America's Cup '95 defense
Followup-To: rec.boats
Organization: Qualcomm, Inc.
Date: Fri, 20 Nov 1992 20:39:57 GMT

For all you folks out there who just don't know what to do with yourselves
since the '92 America's Cup is over:


Reprinted without permission from the November 19, 1992 issue of the San
Diego Union-Tribune:

Cup defense syndicates discuss their po$$ibilitie$ for '95

By Bill Center
Staff Writer

On the surface, the gathering at San Diego Yacht Club yesterday [11/18] was
impressive.  Ten groups were represented as SDYC hosted itse first meeting
of those who have expressed interest in the 1995 defense of the America's
Cup.

Ultimately, however, the only numbers that really count follow dollar signs
and the two most powerful -- and experienced -- organizations represented
yesterday believe there might not be enough money available to back more
than one defense candidate for 1995.

That's why Bill Koch's America^3 syndicate and Team Dennis Conner are
engaging in discussions that could produce a "Team America" defense effort,
even as eight other groups test the water with eyes on their own possible
'95 bids.

Conner and Koch have discussed merger possibilities for more than two years
[hmm, that's since before the '92 Cup, isn't it?].  But negotations
recently gained momentum after the rivals independently concluded that
corporate funds will be harder to find for 1995 than they were for 1992.  

Koch, whose syndicate spent $65 million to successsfully defend the
America's Cup here last May, said recently the odds were "60-40 against"
him returning in 1995.  He has hung a "for sale" sign on all his America's
Cup assets, seeking around 33 percent of their original $30 million price.

Several foreign challengers, and a potential defense syndicate led by
Nelson Doubleday and Richard Cummins, have expressed interest in a package
that includes the sloops America^3, Defiant and Kanza, plus more than 200
sails, two spare masts, four spare keels, rights to the America^3 compound,
four support boats, power tools, gym equipment, communications equipment,
computers, technical data, etc.

"While eveerything is for sale, I think Bill would rather see the America^3
package kept in one piece and used in a centralized defense -- one in which
he would participate to some extent," an America^3 official said last week.

One proposal calls for Koch to sell his assets to "Team America," which
would pay for them as sponsorships become available.  Koch and other Team
America benefactors would be able to join in the defense.

[I skipped a paragraph that says the AC program planned by SDYC is similar
to '92]


Preliminary '95 lineup

Besides A^3 and Team DC, other groups or individuals represented yesterday:

Peter Isler:  Making little fund-raising headway, the San Diegan pulled the
plug early on his '92 defense bid and made money instead as a television
commentator for the event.  Would like to return to the water.

Pegasus Group:  All-woman effort led by Linda Corrado.  Group never got
beyond this stage for 1992.

American Venture Syndicate:  San Diegan Phil Freedman also didn't get much
further than first meeting for 1992.

Christiana Group:  Dave Vietor's East Coast effort made several feints
before 1992, but never got beyond talking stage.

Kevin Mahaney:  Silver medalist last summer in both the Olympic Games
(Soling) and World Match Racing Championships, Mahaney's Maine-based family
has vast real estate holdings.  Could be lookout for Doubleday-Cummins.

John Kostecki:  San Franciscan also testing the water and looking for
outside support.  Talents earned respect in brief stint with A^3.

US Racing:  Led by former Conner tactician John Bertrand, Newport
Beach-based group is also looking for major backer.

Annapolis, Md.:  Includes some leading members of Heart of America effort
absorbed by A^3 during '92 weeding-out process.

----------
Bill Walker - WWalker@qualcomm.com - QUALCOMM, Inc., San Diego, CA
All opinions expressed are mine, and do not reflect those of my employer.
"First thing we do, we kill all the lawyers." - Shakespeare