Britain's likely absence from the 2007 America's Cup in Valencia, Spain, has little to do with sailing and all to do with the lack of financial clout. British sailors may have dominated on the water at recent Olympics but many will miss out on the chance to compete for one of the sport's ultimate prizes because of the Cup's spiralling costs.
An Olympic campaign costs �100,000-�150,000, which comes from sponsorship and lottery funding.
But the top America's Cup teams, such as holders Alinghi, funded by Swiss bio-technology billionaire Ernesto Bertarelli, and software mogul Larry Ellison's Oracle, will spend �40-60m on their campaigns.
And Peter Harrison, backer of GBR Challenge in Auckland in 2002, has virtually conceded defeat in finding a sponsor willing to match his further �20m investment for 2007.
"One of the things that has become more and more apparent is that the America's Cup is about far more than just being good sailors," said Ian Walker, skipper of GBR Challenge in Auckland.
"It has become too expensive and is not commercially viable. It's worrying for the future certainly.
"The funds required are way beyond what companies are prepared to pay, in terms of the returns they feel they can get from the event, so you're reliant on very wealthy private individuals.
"The America's Cup will always be relevant because of the history but you need to have sufficient teams to make it a competitive regatta, and getting that number of teams will be a problem while the budget is so high."
Much like Formula One, America's Cup sailing combines the science of shaving fractions of seconds off times with the art of the people driving the boat.
And as in motor racing, the disparity between the wealthy teams and the strugglers is plain to see.
"To built a boat is relatively cheap, about �1m, but that isn't the issue. It's personnel, sails and research where the money disappears," said Walker.
 GBR Challenge have until April 2005 to find a backer |
But unlike F1, which has a massive global audience who can relate to cars, sailing is still largely perceived as an elitist sport with a host of confusing rules which takes place out at sea away from spectators.
Organisers for Valencia in 2007 are attempting to combat this by holding a series of regattas in the years leading up to the event to raise its profile, and by staging the races much closer to the shore.
But Walker is concerned that the absence of a British-based entry will squander the gains made by Harrison's team in putting the nation back into the America's Cup for the first time in 14 years.
"It took so much effort and money to get back into the Cup and to see it fall over is desperately sad," said Walker, who left GBR Challenge and recently coached Shirley Robertson's crew to Olympic gold in Athens.
"We gained a huge amount of knowledge in New Zealand, some of which has already trickled down into Olympic teams and other areas of the sport and marine industry.
"Some of the sailors will go off to other teams but it's important to make sure Britain stays at the cutting edge of research, and design and technology.
"And it's still the big stage and that does motivate youngsters to get into the sport."
MMIX
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It took so much effort and money to get back into the Cup and to see it fall over is desperately sad 