Former Goldman Sachs and HSBC chief to run America’s Cup
A former Goldman Sachs and HSBC boss has been appointed the first chief executive of the newly-formed America’s Cup Partnership.
America’s Cup Partnership was set up following a new commercial agreement between the defending champions, The Royal New Zealand Yacht Squadron, and the British challenger, The Royal Yacht Squadron.
And Marzio Perrelli, former chief executive officer of Goldman Sachs, will be its first chief.
Following his stint at Goldman, Perrelli had stints with HSBC and Sky Italia, while also being on the organising committee of the 2022 Ryder Cup in Rome.
Emirates Team New Zealand boss Grant Dalton will remain as the America’s Cup Partnership’s chairman.
The shared governance structure could see prize money introduced to the America’s Cup for the first time, while the signing of the agreement was seen as a seismic shift in commercialisation for the America’s Cup, which began in 1851.
New America’s Cup boss at the helm
The next regatta will take place in Naples and feature a number of the usual competitors. But the British team will be without Ineos billionaire backer Sir Jim Ratcliffe after he and sailor Ben Ainslie had a legal spat, while the US American Magic team withdrew from the next tournament just two days before the deadline.
Ratcliffe is seeking legal advice, insisting he wants the boat that reached the previous final back from Ainslie.
“The America’s Cup is the oldest and most prestigious competition in international sport,” Perrelli said. “Our responsibility today is to preserve its deep heritage while ensuring greater continuity, stability and long-term growth.”
Last month a governance debate involving America’s Cup Partnership went to the NY Attorney General. If the Attorney General chooses an investigation could be launched relating to elements of the structure.
New Zealand won the previous regatta, beating the British entry in the final. It was the first time a UK boat had reached the showpiece match in 60 years.