Luna Rossa’s $109m Cup bid

Italian America’s Cup challenger Luna Rossa have confirmed a massive $109 million sponsorship for the next event.

The sponsorship comes from fashion house Prada, their longterm supporter, and will be paid over four instalments through to

2021, when the event is scheduled to be raced in Auckland.

The huge sponsorship confirms the level of intent from the Italians, who are the challenger of record, working alongside America’s Cup holders Emirates Team New Zealand to shape the

36th edition of the regatta. Luna Rossa signed on as the challenger of record within seconds of Team New Zealand’s cup-clinching race over Oracle Team USA in Bermuda last June.

‘‘The sponsorship of Luna Rossa’s participation in the America’s Cup is in line with the company’s communication strategy to promote the Prada name and brand,’’ Prada confirmed in a statement.

‘‘The company has taken into account many factors, including the size of the competition and the expected amount of press coverage of the competition, which will attract massive attention all around the world and tremendous press coverage from both the traditional ones and the new technologies media.’’

The sponsorship will include participation in leadup events they indicated were planned for New Zealand, the United States, Asia and Europe. Prada’s chief executive officer and executive director Patrizio Bertelli also heads the Luna Rossa syndicate.

Luna Rossa were instrumental in seeing the America’s Cup return to monohulls after three editions of racing in multihulls. They sat out the last America’s Cup, frustrated at Oracle constantly tweaking the rules. The team shared information and technology with Team New Zealand for the 2013 and 2016 regattas.

Prada have also replaced Louis Vuitton as naming rights sponsors.