Update
Let off lightly… that was certainly the opinion of many in Hobart when the jury announced that for a clear port-starboard foul (come on, guys) against Comanche soon after the start the gorgeous Reichel-Pugh 100 Wild Oats would receive a penalty of just one hour, relieving her of line honours and a new course record – but for an incident involving two of the most expensive racing yachts in the world a decision that surely was a relief to some of those onboard the big cigar. Two quick turns with powered-everything to help?
MANAGING RISK – Jack Griffin Silicon Valley’s top venture capitalists always want to identify the risks facing a new company. They believe that technical risks can usually be overcome. What they really worry about are the commercial risks. They often define a risk as a question to which you don’t yet know the answer. So you spend time and money to get the answer and reduce the risk. Some unanswered questions are more important than others. And sometimes key decisions have to be made before you have all the facts. That’s where intelligence, experience and luck pay off. It must be said, though, that counting on luck is usually not a good strategy. Potential challengers for the 36th America’s Cup face a number
of unanswered questions. Where will the 2021 America’s Cup be held? Things seem to be on track for Auckland, and most observers fully expect that to be confirmed by the Protocol deadline of 30 August 2018. But until Auckland is formally confirmed no team can guarantee to potential sponsors where the event will be. In mid-January the Auckland city council submitted the ‘resource
consent’ documents to obtain approval for needed infrastructure. The so-called ‘Wynyard Basin’ option calls for extending two wharves and reconfiguring nearby space to make room for eight team bases and the AC Village. At the national level the minister for economic development favours a different option. And there has been no commitment from either the city or the national government for the NZD$60 million that the team says it needs to stage the event. This unanswered venue question leads to commercial and
technical uncertainty: what can a team offer to sponsors? What wind and sea state conditions should we design for?
12 SEAHORSE When and where will the AC World Series races be held? The
Protocol says there will be ‘possibly… one or two events during the second half of 2019’, but does not require this to be announced for another full year – 31 March 2019. The three ACWS regattas to be held in 2020 do not have to be announced until the end of November 2019. Sponsors need to know which markets the events will visit and when. There are rumours that the 2019 events will be in Naples plus another European venue, followed by three events in 2020, including one in Newport. But of course sponsors demand firm commitments. When will a team’s AC75 yacht be available for development?
The Protocol allows teams to build two hulls but not to sail them together. Only one of the hulls may be modified. Boat One may launch on 31 March 2019 and Boat Two on 15 February 2020. Development schedules will depend on the currently unknown ACWS venues and dates. In 2020 teams will probably keep one boat at their home base for development while the other travels from venue to venue. Team bosses need to plan development time at their home bases, when to move team operations to (probably) New Zealand, and the cost and logistics of moving a boat from venue to venue for the ACWS. How much do we need to budget for running the AC World Series
and the Challenger Selection Series? Non-refundable entry fees total $3.5 million, with almost 75 per cent earmarked to fund the ACWS and the CSS. The Protocol requires all challengers to share equally any funding shortfall for these events. Depending on the number of teams and event sponsors, challengers will need to budget for a potential shortfall. What do we need to design? What will be one-design? Probably
CARLO BORLENGHI
XX
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100
