If deals are not signed with five prospective backers for the 2007 event in Valencia, Peter Harrison is unlikely to continue his bid. He has already pledged to put in £20 million himself if commercial partners can be found to put in a further £20-30 million.
Harrison, who spent around £22 million on the first challenge in 2003, says the money is needed by the end of August if GBR is to compete in the second and third of this month’s three America’s Cup class regattas.
“If we go to Valencia without a title sponsor we have lost one year of the potential value. I’ll have spent more money and lost one year of the potential value we can sell to a sponsor”, he said.
