Joe Simpson is a man who came back from the dead It makes for more interesting television viewing - 80 per cent of the matches are won and lost at the very beginning - and means corporate hospitality events can be fitted in more easily.And that surely must be the biggest change of all: to adapt the America's Cup to the media-savvy 21st century. These days, it can cost you anything between $80m and $100m to mount a credible challenge."Yet even the America's Cup, the most prestigious event of the racing calendar, is changing. It has already brought the broadcast rights under the management of just one company and is expected to make the races shorter, trimming them from more than two hours to just over one. As James Pleasance, a director of the sailing division at sports management firm Octagon, says: "The America's Cup is more and more referred to as a millionaire's playground. Ms Edwards managed to secure a whopping £38m for her two races, which was put up by Qatar and will include a $1m (£590,000) prize.The cream of the crop, however, remains the America's Cup, and on one level this event has no plans to shed its luxury associations. Won last by the Swiss team Alinghi, its return to European waters has been possible not only because of the skill of the yachtsmen involved but because of the vast financial backing behind Alinghi. Its share price has jumped since it secured Liverpool as its host port and the state of Western Australia and the South African city of Durban as additional sponsors. And while both these pay-and-play races are established events now, there is still room for new ones in this crowded calendar. To sponsor an entire boat will set you back about £750,000, although payment is spread over three years. It also offers 168 sub-sponsors spaces, costing £32,000 each, and Mr Walker says demand is very strong, despite a generally depressed sports sponsorship market.Clipper Ventures, Challenge Business's main rival in the pay-and-play arena, has also been doing well.
He had been avalanched 2,000ft down Les Courtes in the French Alps suffering bad concussion, which, he says, sent him "a bit off the rails" at the time, and escaped when a ledge fell away beneath him on the nearby Aiguille du Dru. With the insurer's finances much improved, investors are likely to demand clarity on underwriting discipline, risk control and cost-cutting. Among financial companies, updates are also expected from Old Mutual and Schroders.This week should also see the long-awaited publication of the draft gambling Bill, which, when it becomes law, will radically overhaul and deregulate the industry. The Bill will then go before a cross-party scrutiny committee, which is scheduled to report next Easter.In terms of economic news, investors will be keeping a close eye on the minutes of the Bank of England's Monetary Policy Committee meeting, which are due out on Wednesday. The market will look for signs of a further rise in interest rates, after the 0.25 per cent hike to 3.75 per cent earlier this month. Some fear the next upward move could happen as early as next month.. Joe Simpson is a man who came back from the dead. |
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