"You can't buy the Cup" is a common saying in the scene. But since US billionaire Bill Koch proved the opposite in 1992, this statement has had to be put into perspective. Money is no guarantee for an America's Cup victory, but it is a prerequisite.
This is shown once again by the current Cup. The teams with the biggest budgets are ahead. Although no syndicate releases figures on its exact investment expenditure, there is much to suggest that Oracle BMW, Alinghi, Prada and OneWorld spend over 100 million euros.
For what? What is so expensive? The New York Times investigated this question. Firstly, there are the boats. According to Bill Erkelens, CEO of Oracle BMW, the cost of building a new AC carbon yacht is between two and three million euros. "The design and development work is expensive." They should account for around a quarter of the total budget of a top campaign.
No wonder, as fuelling tests cost around 5,000 euros an hour, and according to the New York Times, the big players test for 150 hours. The smaller syndicates, such as the British, are said to have only around ten per cent of their budget available for development. The difference is visible on the water.
Oracle BMW is testing with twelve different keels and countless rudder profiles. There are also six masts, each costing almost half a million euros.
The sails are also a big factor. The Louis Vuitton Cup allows 60, but a profile can be unusable after just six hours in tough weather. And that's why many training sails are needed. Top campaigns expect to use around 150 sails.
That's no mean feat when each genoa costs around 30,000 euros and a mainsail up to 80,000 euros. The British are said to have spent 5.5 million euros on sails. That is more than 15 per cent of their total budget - and only five per cent less than the budget for their tender fleet.
Modifications, such as those Prada has carried out on its ships, are also very expensive. The three new bows cost up to 500,000 euros each.
The biggest cost factor, however, is the staff. 140 people work at Oracle BMW. "And to get the best, we had to outbid the competing syndicates. This has pushed up the prices enormously," says Erkelens. According to the New York Times, a mainsheet trimmer earns around 250,000 euros a year, while a good grinder still earns around 170,000 euros.
"It's rubbish to complain about the big budgets," OneWorld spokesman Bob Ratcliff is quoted as saying. "The Cup is the most important trophy in sport, and the cost is nothing compared to our professional US sports. The last time a star moved there was for 100 million dollars. Has anyone complained about that?"
