Reuters reported that Ben Ainslie told a sports business conference in London that he is making good progress pulling together $130 million for his British challenge for the 2017 America’s Cup. Previously the Guardian had reported him looking for $100 million with half from private backers, to field a competitive team. Ainslie still plans to raise about $45 million from private investors and the rest from commercial sponsors. A BBC report put him at close to $30 million in private commitments. No doubt corporate sponsors will wait for details of the event – dates, venue, format and the class of yacht – before signing up.
What is notable is the size of Ainslie’s budget – roughly the same level as Artemis Racing and Emirates Team New Zealand in 2013. Russell Coutts has been reported as saying that budgets for the 35th America’s Cup would be about two thirds 2013 levels, but Ainslie is clearly shooting for more.