Sailing: Gbr Challenge Gets That Sinking Feeling
May 29: GBR Challenge's America's Cup campaign could be scuppered by a failure to secure enough sponsorship funding.
GBR Challenge's America's Cup campaign could be sunk before it has left the pontoon. Just a month remains before the expiry of the founder and chairman Peter Harrison's deadline for sponsorship funding to arrive.
The team, who were beaten in the quarter-finals of the qualifying regatta for the last America's Cup, launched a quest last May for a sponsor willing to inject £3.25m a year. But though "significant conversations" are under way with a number of "global brands", Harrison has indicated he will pull the plug on the operation if funding is not secured within five weeks.
"Peter Harrison can't underwrite [the team] beyond June," said GBR Challenge's head of sponsorship and marketing Leslie Ryan. "He funded the campaign 100% last time but said it would be 50% this time. If no partners are found the team won't progress forward."
In an attempt to encourage overseas interest, the UK focus of the campaign - being the first British team in 15 years to compete for the trophy - will be dropped.
It has been a bad week for the GBR Challenge. The Olympic gold medallist Iain Percy signed up to an Italian team, having previously given his "commitment" to the British campaign.
The team, who were beaten in the quarter-finals of the qualifying regatta for the last America's Cup, launched a quest last May for a sponsor willing to inject £3.25m a year. But though "significant conversations" are under way with a number of "global brands", Harrison has indicated he will pull the plug on the operation if funding is not secured within five weeks.
"Peter Harrison can't underwrite [the team] beyond June," said GBR Challenge's head of sponsorship and marketing Leslie Ryan. "He funded the campaign 100% last time but said it would be 50% this time. If no partners are found the team won't progress forward."
In an attempt to encourage overseas interest, the UK focus of the campaign - being the first British team in 15 years to compete for the trophy - will be dropped.
It has been a bad week for the GBR Challenge. The Olympic gold medallist Iain Percy signed up to an Italian team, having previously given his "commitment" to the British campaign.
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