CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. GGYC Files Additional Complaint In America's Cup Spat

GGYC Files Additional Complaint In America's Cup Spat

by Lorys Charalambous, Tax-News.com, Cyprus

30 October 2009


The Golden Gate Yacht Club, challenger in the forthcoming 33rd America’s Cup Match, has called upon the New York Supreme Court to remove the defender - Société Nautique de Geneve – from the position of Trustee of the Cup, filing a Breach of Fiduciary Duty complaint on October 27.

The Golden Gate Yacht Club (GGYC) also alleges that the venue, Ras al-Khaimah for the 33rd Cup Match contravenes the provisions of the Deed of Gift.

The GGYC has called for the court to appoint a new trustee for the event to “provide equitable terms for both competitors,” alleging that “Société Nautique de Geneve (SNG) has denied GGYC by its orchestration and manipulation of the rules and processes designed to ensure that the defending sailing team, Alinghi, can not lose”.

The GYCC complaint alleges that SNG has breached its fiduciary duty by:

  • Offering the America’s Cup hosting rights in order to extract secret commercial deals;
  • Repeatedly attempting to seize control of the rules and officiating processes to ensure that Alinghi can not lose;
  • Moving to disqualify GGYC’s yacht despite assurances to the New York Supreme Court that this would not happen;and
  • Selecting Ras Al Khaimah for the 33rd Cup ‘to further its own business interests’.

“Winning the Cup brings not just honor and pride, but responsibilities too. The honor may have gone, but the responsibilities remain,” argued Russell Coutts, Skipper and Chief Executive of GGYC’s challenging team, BMW ORACLE Racing. “The America’s Cup is meant to be hard to win, not impossible to lose.”

The complaint also stated that the America’s Cup was used as a powerful bargaining chip to extract commercial benefits through secret and complex side deals in selecting Valencia and Ras Al Khaimah as host venues for the 32nd and 33rd Matches.

“It is clear that entities associated with Ernesto Bertarelli leveraged the America’s Cup for gain,” the GYCC has said.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »