America's Cup Future Under Threat
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| The America's Cup could be under threat, with future defences impossible to fund if an investigation now under way determines that the holders have to spread any monies raised to all bona fide challengers. At the moment, any surplus is held in trust by the holders. Eliot Spitzer, the New York State attorney general, is leading an inquiry into New Zealand's custody of the America's Cup as questions are asked about the distribution of the income generated by one of the world's longest-running sporting events. Potential ramifications could see the collapse of the way the cup is run. In the immediate term, Team New Zealand have been saddled with a controversy that could adversely affect their modest fundraising efforts in the final run-up to February's 31st match, where they will take on one of three billionaire-backed challengers. In the longer term, the well-regarded present leadership of the New Zealand defence team may find themselves obliged to reveal details of income and expenditure of their 2000 campaign. This ruling would also apply to previous cup holders. Who or what triggered the attorney general's interest is not clear, but Spitzer's position as a campaigning law officer has led to concerns that his inquiry may become a political cause celebre. A spokesman at the Manhattan charities office of the attorney general confirmed the investigation was "on-going" but would not comment on its origin, scope or time of conclusion. |
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Tim Jeffery in the Telegraph |
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