One of the bitterest chapters in the history of sailing’s America's Cup has officially ended with the new and old champions agreeing to drop their remaining legal claims against each other.
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The agreement comes a month and a half after the Oracle trimaran, owned by American software tycoon Larry Ellison, routed defending champion Alinghi of Switzerland in Valencia, Spain.
In the settlement announced on Friday, San Francisco’s Golden Gate Yacht Club, which backs BMW Oracle Racing, said it would drop its breach of fiduciary duty claim against Societe Nautique de Geneve, which backs Alinghi.
Claims by both sides concerning the design and construction of the yachts will also be dropped.
In the two years leading up to 2010 America’s Cup, the two teams waged a court fight over rules, dates and venue.
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BMW Oracle sail to victory in America’s Cup
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The victory returns the oldest trophy in international sport to the United States for the first time since 1995. It was the second race won by the US team in a best-of-three series off Valencia, Spain. The Swiss catamaran, with Ernesto Bertarelli at the helm, was penalised before the start of each race. Larry Ellison,…
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Only the press in Geneva, the home base of Alinghi, and Zurich’s Tages Anzeiger newspaper thought sailing’s most prestigious competition worthy of the front page. “It was a sad end to an adventure that lasted exactly ten years,” said the French-language daily Le Temps in its commentary. “Alinghi’s big defeat at the hands of Oracle…
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Swiss billionaire Ernesto Bertarelli unveiled an impressive catamaran dubbed the Alinghi 5 that will defend the 33rd America’s Cup, scheduled to be held in February. The team sails under the colours of the Société Nautique de Genève.
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