Big (Boat) Spender

Prada’s sponsorship of the Luna Rossa sailing team for the 36th America's Cup competition will amount to 65 million euros. The total sum will be paid in quarterly installments over the period from January 2018 to June 2021.

The sponsorship contribution has been determined on the basis of the budget for the preparation and participation of the Luna Rossa sailing team in all the international regattas, consisting of the preliminary series — taking place in 2019-20 — the Challenger Selection Series, set for January and February 2021, and the America's Cup match, in March 2021.

In addition, Prada has acquired the exclusive naming and presenting sponsor rights of all events, including the Challenger Selection Series, which will be officially named Prada Cup. Previously, the Challenger Selection Series came under the moniker of Louis Vuitton Cup.

The location of the competitions will be revealed on Aug. 31.

As reported, this is a return to the sea for Luna Rossa and its sixth challenge, but fifth race, as the team in 2015 withdrew from the competition in disagreement with the overturning of rules unanimously adopted throughout the previous year by the Oracle Team owned by Larry Ellison.

The Luna Rossa team was established in 1997 by Prada's chief executive officer Patrizio Bertelli with the original name of “Prada Challenge for the America's Cup 2000.” The team won the Louis Vuitton Cup in 2000, with a record of 38 victories over 49 races. It also competed in 2003 and in 2007, when it reached the Louis Vuitton Cup final.

Luna Rossa is now 100 percent privately owned by Bertelli. — SANDRA SALIBIAN