Qatar sovereign fund backs America’s Cup bid
AUSTRALIAN SPORTS manager and entertainment entrepreneur James Erskine is working on a bid to field an America’s Cup team in a venture backed by a sovereign wealth fund from Qatar.
Erskine, who confirmed the move last week, said he hoped his team would comprise several Australian and New Zealand sailors.
‘‘We have some of the most talented ocean racers in the world so if you’re going to have an America’s Cup team you would certainly want people from this region to be part of it.’’
Erskine is planning an assault on the America’s Cup which could be held in two to three years after this year’s regatta in San Francisco. ‘‘Yes, we are looking at it, but all the money will come from offshore,’’ he said. ‘‘This is something we are working on out of our London office. It is in its infancy but competing in an America’s Cup can cost hundreds of millions, so if we don’t think we can win it we won’t do it. But we are looking at it.’’
Despite Australia having several wealthy individuals with yachting interests, including property developer Lang Walker and Sydney to Hobart race winner Bob Oatley, Erskine said the team would not be based in Australia. ‘‘Where we end up depends on where we source our money from. But we will not be getting sponsorship from Australia.’’
Erskine has close connections to the yachting fraternity. He was the manager of America’s Cup winning skipper John Bertrand, who was at the helm of Alan Bond’s Australia II when it won the event in 1983.
He is a partner in Sports & Entertainment Ltd with Basil Scaffidi and former Allco Finance Group chairman David Coe.
He is also the manager of London Olympic Games sailing gold medallist Tom Slingsby, who will be a tactician for United States billionaire Larry Ellison’s Oracle team in this year’s America’s Cup.
Slingsby is a member of the Oracle team of legendary British sailor Ben Ainslie, who has joined