Chinese team unveils cup challenge
A Chinese investor has announced a pioneering 32 million euro ($42m) bid to challenge for sailing’s most prestigious trophy, the America’s Cup.
“China Team” is joining forces with French outfit Le Defi for the 2007 event, Wang Chaoyong, chief executive of a Beijing-based investment company said.
The joint venture will “create a vehicle to prepare ourselves to join the ranks of the America’s Cup challengers,” Wang added on Tuesday in Geneva.
Xavier de Lesquen, who led Le Defi’s unsuccesful challenge for the last two editions of sport’s oldest trophy in 2000 and 2003, said he hoped to join the formal list of challengers with China Team by the deadline of April 29.
De Lesquen, who will be the co-director with Wang, said the team was budgeting about 32 million euros for the bid.
The bid will be based in Qingdao, the site for the sailing events at the 2008 Beijing Olympics.
China Team has its sights set beyond the 2007 Cup by aiming to train a small pool of emerging Chinese sports sailors and harness local engineering and design competence.
Chinese team unveils cup challenge
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