Monday, December 3, 2007

Gimme My Money

Team New Zealand boss Grant Dalton is demanding compensation from Alinghi owner Ernesto Bertarelli for postponing the next America's Cup.
The demand is said to have been made 24 hours before a New York Supreme Court ruled in favour of BMW Oracle and it's challenge of Alinghi's proposed rules.
Now there could be an appeals process which would see the event set back at least a year.
Dalton's estimate of losses to his Kiwi team are more than $20 million if the America's Cup is put back to 2010, and close to $40 million if it is held in 2011.
Dalton's compensation demand was based on a secondary deal struck with the Swiss when the Kiwis challenged at the end of July. -