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America³ Foundation Sells Boats to Foreign Group

WEST PALM BEACH, Florida (April 8, 1997) — The America³ Foundation is selling its boats to a foreign group expected to challenge for the America's Cup.

Foundation Chairman Bill Koch, whose syndicate won the 1992 America's Cup, said the deal was done last week, but under the terms of the agreement he cannot reveal the buyer's identity nor the price paid for the boats and related assets.

However, the waterfront grapevine has it on good authority that it is an Italian-based group that will announce a formal Cup challenge soon. American Doug Peterson and Argentinean German Frers are said to be the principal designers. (Watch this space for news on further developments.)

Peterson is no stranger to the America³ design technology nor winning the America's Cup. He was a member of Koch's victorious team in 1992 and was a designer for the 1995 winners, Team New Zealand. Frers designed Italy's 1992 Cup finalist, Il Moro di Venezia, which had AmericaOne skipper Paul Cayard at the helm.

Included in the package are three International America's Cup Class (IACC) boats, 1992 winner America³, Kanza (also from 1992) and Mighty Mary, which was campaigned by the mostly women's team in 1995.

In a statement to the press, Koch said the sale of the IACC boats was made to the highest of several bidders "to best meet our fiduciary obligations and further the purposes of the foundation."

Each of the four American challengers had discussions with Koch, including the New York Yacht Club/PACT2000 effort, which announced last year that it had purchased the boats. However, the deal fell through.


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