America's Cup - Bertarelli Pays Team NZL's Way

Swiss biotech billionaire Ernesto Bertarelli has given Team New Zealand a $10 million loan to ensure the former America's Cup holders will contest the 2007 event in Valencia. The move has caused consternation in New Zealand and among other challengers.

"I'm astonished," said GBR Challenge chairman Peter Harrison, whose own campaign is "at the crossroads". He added: "It's almost unbelievable and it's unfair."

The loan was made to trigger Team New Zealand's participation by taking the two-time winner of the Cup past the funding threshold which team manager Grant Dalton set as the go-ahead point.

The loan is a personal one from Bertarelli and has nothing to do with either his team, Alinghi, who will defend the Cup, or the new America's Cup management company, who own the rights to the Cup and will manage the event.

"There are no strings attached," said Bertarelli. "I've known Grant Dalton for years and know he will mount a strong challenge."

But his support of one challenger out of the four who have formally lodged their €1 million entry fees and the half-dozen others still trying to raise sponsorship is seen as favouritism.

Harrison said: "I can see the attraction of having Team New Zealand because they are glamorous and they were holders. But we all have equal rights don't we, because we are all potential holders.

"It would be like Manchester United not being in the FA Cup for some reason, so they are given $10 million to take part but then not giving any money to the Hartlepool Uniteds. The glamour of the America's Cup is like the FA Cup; it's having everyone competing." -- Tim Jeffery in the Telegraph, FULL STORY