Bermuda closes America's Cup chapter

America’s Cup Bermuda Ltd has begun final windup proceedings after completing a final audit. The ACBDA, the administrative team for the showpiece sailing event that came to Bermuda last summer, said it has completed all its objectives and come in under budget.

Chairman Peter Durhager, who noted many people predicted Bermuda would not meet the required standards, said he took pride in a job well done. The board met for the final time on March 14, when final reports were presented by CEO Michael Winfield and CFO Andrew Cox.

“They reported that all goals were accomplished, significantly under budget and that the company could now be placed into voluntary liquidation,” said Durhager. “The board was unanimous in praising both of the company’s senior officers for their performance throughout the project and wished them well in the future.

“This was an exceptionally tough project with demanding time frames, a wide group of stakeholders and a skeptical marketplace.

“With help from many, the ACBDA assisted in creating nine acres of new land on which the America’s Cup Village was constructed, it facilitated the building of team bases, installed the necessary infrastructure, organised transportation to the event, and managed security, utilities, created a unique Wi-Fi structure, serviced significant demands to ensure a world-standard global network broadcast and assisted with the delivery of all of the events both on water and on-site in the event village.

“When Bermuda was announced as the host location for the 35th America’s Cup, many stated that Bermuda would not be able to deliver to the required standards. Following the event, praise was virtually universal with many saying that was the best America’s Cup in its 160-plus year history.

“This was a significant accomplishment and we take pride in a job well done.”

Mr Durhager said the board had “provided guidance, ensured effective and meaningful governance and never hesitated in reminding us of our primary objective of engaging Bermudians in the America’s Cup experience.

“When we review the research surveys and saw Bermudians praising the event, they also can be proud of our shared accomplishments. Our board was exceptional, and I know Mike Winfield joins me in thanking them for all their hard work and diligence.

“There were many, many who contributed to the success of Bermuda’s America’s Cup.

“The America’s Cup has shown what Bermuda can do with events on the international stage, we hope those efforts will lead to continued success in the future.”

Source: The Royal Gazette

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