America’s Cup: Land Rover BAR Close to Collapse

Portsmouth, UK (1 April 2016) – Following on from the UK Government’s £9m injection of public cash into the building of the Land Rover BAR base in Portsmouth, and high profile support from the mastermind of the Olympic Games in Britain, Sir Keith Mills, the British America’s Cup challenger is struggling for survival and reportedly has only days left as a going concern.

Investment banks, private equity, and local developers are said to be eyeing the landmark property on the famous Camber in Old Portsmouth and are hoping to jump in ahead of official receivers being called and a fire-sale of assets. “It’s a complete mess,” said an insider. “From day one the project has overspent and the rumours are that the build cost of the base alone has run to in excess of £20m.”

Problems are believed to have started at the design process where a relatively simple base and structure suddenly ballooned into a project where special interest dominated.

“Everyone from environmentalists to the local council chipped in and then the team’s demands were off the scale. It is typical Keith Mills,” said the insider. “The ambition simply didn’t meet the cash on deposit and now the project is woefully over-spent and unlike the Olympic Games, there is no more Government or local funding to bail it out. Mills is a brilliant spender of other people’s money.”

On-the-water, it’s not much better according to sources, with the boat’s second boat (T2) being scrapped, a design team in total disarray following several high-profile sackings (Jason Ker, the mercurial British designer, being the most notable) and rumours of in-team fighting.

“The thing is, Ben is a single-handed sailor, and running a team just isn’t his thing. Add in Martin Whitmarsh to the equation and you have two heads of the business that don’t have an inspirational bone in their body.”

Whitmarsh was another high-profile hire being brought in after being unceremoniously dumped by the British Formula One Team, Mclaren, following a string of disastrous results. “He’s done it again at BAR,” said the insider. “The team have hared off down design routes that are just crazy and there are no wise, experienced heads telling people to stop.”

As plucky British challengers for the Cup go, the Land Rover BAR Team joins, it would seem, the illustrious list of the likes of White Crusader, Blue Arrow, and the Peter Harrison GBR Challenge in 2003. With just days left, a cash injection is desperately needed but all approaches have been rejected by the UK’s billionaire and investment community.

“It’s looking like they will have to approach Larry Ellison for a bail-out,” said the insider. “Or worse still, accept the offer from Franck Cammas to join forces with the Groupama French Team.” An Anglo-French team in the Cup – you couldn’t make it up.