China Team has bough Le Defi and has entered thre 32nd America's Cup. Here is an initial press release from ACM (thanks ACRC)
"Geneva, 8th March 2005 – Chaoyong Wang, Chairman of China Equity Investment Group, a leading Chinese venture capital firm, and Xavier de Lesquen, co-founder of LE DEFI, a French sports management company, have today announced a joint venture that opens the way for China to participate at the America's Cup for the first time.
The Chinese bid, to be called CHINA TEAM, will benefit from the vast experience that LE DEFI has gathered over the past two America's Cup cycles. CHINA TEAM'S objective is to build a competitive team for the 32nd America's Cup and a platform for a successful challenge. Scouting, selection and training of the best Chinese talent across the disciplines of sport, logistics, communication, marketing and administration will begin later in 2005.
At the same time as pursuing the goal of winning the America's Cup CHINA TEAM will provide an exceptional showcase and platform, in China and on the international stage, for the companies that associate their businesses and brands with the team. Chaoyong Wang, who epitomizes the new generation of Chinese entrepreneurs working to modernise the country, said: “The history of the America's Cup is associated with stories of entrepreneurial spirit and many of the qualities that are part of modern day China. I am certain that a large number of partners will wish to join our exciting project so as to underline their presence in China, one of the major markets in the world”.
From Xavier de Lesquen's point of view the joint venture is: “an extraordinary opportunity and adventure for all of us. As part of CHINA TEAM and the America's Cup we will become part of this immense country and civilisation providing an exceptional opportunity to the companies supporting the project. CHINA TEAM will have direct access to more than one billion Chinese people.”
Michel Bonnefous CEO of the America's Cup event organisation commented: “We are excited about the possibility of a strong Chinese project for the 32nd America's Cup. This is a positive step and one which corresponds to our desire for further development of the Cup throughout the world. The values of the America's Cup are not just western, they are above all global.”
There is much play on the "joint venture" aspect of this arrangement but we expect the Le Defi name and branding to disappear by the start of the season. CHINA TEAM (capital letters seem obligatory!) is such a marketable and promotable concept that it will quickly catch on. Expect to see a few Chinese crew, at least in training, over the next couple of months.
It may be a joint venture but AC challenges need a nationality (not that again!) and this programme is planned to be increasingly Chinese.
FRA69 is being converted to v5 and will soon launch, as CHN69?
