A surprise to some observers, fully expected by others, there will be an American team in the next America’s Cup. Officially announced on Tuesday, American Racing Challenger Team USA is backed by successful entrepreneurs Karel Komarek, the Czech businessman who has campaigned a Wally 100 footer V for the last four years and British entrepreneur Chris Welch. The campaign will be led by sailing legend Ken Read, 64, who was helmsman on the 2000 and 2003 “Stars & Stripes” campaigns of Dennis Conner and who is President of North Technology Group.
What is the origin of this new team, how and when did it start?
We had a 100 footer class event in Barcelona as part of the last America’s Cup. Karel whom I’ve known for nearly four years and myself and Ben Bartlett (who runs V, Komárek’s 100 footer) got to tour all the bases in Barcelona. And of course, we talked about the America’s Cup then. Karel made it really clear he had no interest in just being seen as the rich guy playing a rich man’s sport. So we had started talking during that last Cup but there was no interest until a little over two months ago when he really started to talk to Ernesto Bertarelli and Peter Dubens who are quite good friends of him. Karel then called me and asked: “They say the ‘Partnership’ has changed the game; is it worth taking a look?” I replied, “Everything is worth taking a look at.” But I think he had already made up his mind. The new Partnership Agreement is really the genesis of this campaign. This is changing the game. This is making the America’s Cup actually sustainable versus previously being so hit and miss. The fact that there could be there could be six or seven teams in this Cup making it the most popular America’s Cup since Valencia and I’d chalk it up to this Partnership agreement. This thing was about a minute and a half away from being a Deed of Gift match, which could have been the death knell to the America’s Cup.
Did you hesitate when offered the position to lead this new challenge?
Of course, because I’ve done enough programmes to know that this is the kind of project that changes your life. I’ve been at North Sails for nearly 30 years; it really took something special to pull me away from the brand and the people I love in that family. Since there were so many pieces to put together and a looming deadline [January 31, later pushed to March 31], some days I gave it a 10% chance of succeeding, other days 90%—it was crazy. But it became clear to me—and to my wife, which was just as important—that between my Grand Prix programs and my time helping lead a brand like North Sails, everything was preparing me for this role. It made sense. Additionally, Karel and Chris Welch are friends and serious people I trust; that’s a huge foundation when making a life-altering decision.
“This is not a sailing team yet”
And for all of the leaps in technology the Cup itself has changed nothing in terms of its magnetism to you over the years?
You know, I live in Newport. It’s still downtown. It’s America’s Cup Boulevard. So, you know, I grew up around the America’s Cup. My dad had a 30-foot kind of cruising boat when we were kids. And we’d motor down Narragansett Bay and go out and watch the 12-metres race and cheer for Intrepid or Courageous or Ted Turner or Dennis Conner. And that’s been my life. So, yes, the allure is always going to be there. I’ve always said North Sails is the most notable brand in the maritime world, the America’s Cup is the most notable brand in the sport of sailing. If you take a taxi in New York and ask if they’ve heard of the America’s Cup, nine times out of ten, they’ll say yes. For me, the appeal is still there, so why wouldn’t I want to go back?
Where are you in terms of budgets and investors?
Karel Komarek and Chris Welch are the two principals of the operation. They’re my two bosses. They are—you know, I think they’re both exceptionally busy people, but they see this as kind of the thrill of a lifetime, as the opportunity to own a sports franchise that can do something different, they might be able to change something. As far as people and stuff is concerned, we’ve purchased all the America’s Cup assets from American Magic, which was a very important part of this. We have worked an agreement out with American Magic Services, the company they launched one year ago, that their facility, which was kind of purpose-built down in Pensacola, Florida, is going to be our training base, and that’s where all the assets are going to remain until they go to Naples. Tyson Lamond (American Magic COO) is going to spend a fair chunk of his time with us, as well as overseeing that. He’s done multiple America’s Cups, and he’s really very quickly become a go-to person with regards to helping build not just helping, but understanding what the asset base is that we have purchased. On the tech side, since we are arriving late, we have a lot of work to do to get Patriot, which we think is a really good boat, on the starting line as a really competitive boat.
And what about the sailing team?
To be honest believe it or not it’s at the bottom of the list right now. This is a tech startup. This is not a sailing team yet. We’re not even there yet. We got a dispensation to not have to go to Cagliari (Preliminary Regatta in May) because we don’t have a sailing team yet. We need to finalise our management layer. We’re really working hard on the design side right now. And as we get to it, the sailing side will come. I think one thing that’s really interesting is especially Charlie Enright has been a huge help through his U.S. Sailing and Olympic connections. There’s actually quite a really nice, strong list of young American sailors right now to choose from. Are we going to be exclusively American sailors? No. We’re not going to pin ourselves there. But it will always be a goal because we need to use this project as a springboard to not just tell more people about sailing and kind of show people about the new craziness of sailboat racing and how exciting this sport can be, but a way to get to be more inclusive and to get more people into the sport of sailing. Sail Newport (the yacht club), at least in the East Coast of the United States, is the prime example of doing such good as not only a facility to allow people to get onto the water, but as a community facility to bring more people to the water. That is a huge part of what Karel and Chris wanted to do as well.
“This is not a short-term project”
Looking at a budget, where are you, and what do you still need?
Well, we have the same cost cap as everybody else, and part of my job is going to be to live within that budget. Again, I think the days, and for all the good reasons, the days of just unlimited spend and 150-people team are over. It’s not good for the America’s Cup, it’s great for the America’s Cup. And I would be shocked that for the 2029 Cup, that there aren’t 10, 11, 12 teams. All of a sudden, again, this becomes a viable option for sponsors, for entrepreneurs, to keep things under control. Before the Partnership, it was a money pit for whoever wanted to pump in the most cash. We need to change that image; Formula 1 is a perfect example. It’s still seen as a sport for rich people, but with cost caps to allow for the creation and commercial management of a business, rather than just being a sieve for money. As CEO, my role isn’t just to put a sailing team on the water, but to build a brand and make it commercially viable for sponsors and investors.
And what are your sporting ambitions then as a team?
We’re not under the illusion that it’s win or bust right now, we’re also realistic as to how late it is in the game, especially for this next one, and how far we have to go. But it’s also been made clear that this is a long-term solution for Karel and for Chris. This is not a short-term project. I don’t think I’d have this job if I didn’t say our sporting ambitions is to win the America’s Cup.
Photo : North Sails
