France beset by taxing problems : SAILING
Ashore, the management, particularly syndicate president Francois Giraudet, is under pressure from their major sponsor, Stardust, and its chief executive Jean-Michel Tissier, to deliver results. The problem is that Stardust holds the purse strings of a further F15m (£1.8m).
This is because of a tax scheme, approved by the French government, where investment in French colonies, in this case in the Caribbean, can be set against tax in France, the home of Stardust's holding company, the Credit Lyonnais bank.
So the French are 4-0 down, and are likely to go 5-0 down when they meet John Bertrand's OneAustralia today, though they should beat Spain in their last race of the first Louis Vuitton Cup round robin. Their hopes now rest on the new yacht, which will bebrought into play for the second round robin, which begins 29 January.
All of which overshadowed a well-executed win for Team New Zealand, Russell Coutts going 5-0 up in his series by beating John Cutler in Nippon Challenge, while Bertrand comfortably beat the Spanish.
Also unbeaten and 5-0 are the Young Americans on Pact '95, beating Bill Koch's all-woman crew of America3. The Cuben class of '95 must wait until next month for their new boat and with it the hope of new impetus for their campaign.
A protest filed by Stars & Stripes against Young America was dropped. The observer aboard Young America mistakenly took photographs of Stars & Stripes in the race. "It's not going to win or lose the America's Cup - we just settled it on the phone," Cayard said.
AMERICA'S CUP TRIALS (San Diego) Louis Vuitton Cup (Challenger elimination series) first round: Nippon (M Namba) bt Rioja de Espana (P Campos) by 4min 3sec; Tag Heuer Challenge (C Dickson) bt Sydney '95 (S Fischer) by 1min 24sec; Tag Heuer bt FranceAmerica by 1min 32sec; One Australia bt Rioja de Espana by 1min 25sec; Team New Zealand bt Nippon by 2min 1sec Standings: 1 Team New Zealand (P Blake) (5 wins, 0 defeats); 2 Tag Heuer Challenge (4-0); 3 Nippon 3-1; 4 One Australia (2-2); 5 Sydney '
95 (2-2); 6 FranceAmerica (0-4); 7 Rioja de Espana (0-4); 7 France 2 0. Citizen Cup (Defender elimination series) first round (victory worth one point): Young America (K Mahaney) bt Stars & Stripes (D Conner) by 5min. Standings: 1 Young America (4-0); 2
Stars & Stripes (1-3); 3 America3 (1-3).
Latest in Sport
A tight game could be in prospect here. Northampton have been keeping things very tight of late and ...
by Gareth Purnell
18 May 2013 02:01 AM
I can’t ever watch games of football or rugby without wistfully wondering what it must be like to be...
by Martin Ayres
16 May 2013 05:10 PM
Since PSG’s exit to Barcelona in the Uefa Champions League quarter-final in April, PSG have been sur...
by Matthew Riding
15 May 2013 02:37 PM
Match reports from every Premier League game: Heartbreak for Tottenham as Arsenal clinch fourth place
Arsène Wenger: 'We need stability and to strengthen in the summer'
Rafael Nadal is the Master again in Rome – like a Ferrari to Roger Federer's Fiat
Sam Wallace: The second coming of Mourinho will be a reunion that can only end in tears
James Lawton: For all Arsenal's dreams and prettiness there must be nagging sense of futility
- 1 Asteroid nine times the size of the QE2 liner to sail pass Earth
- 2 Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
- 3 British business: We need to stay in the EU - or risk losing up to £92bn a year
- 4 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
Excellent Package: Austen Lloyd: This is a senior appointment with huge potent...
£28000 - £31500 per annum + benefits: Randstad Education Newcastle: Permanent ...
£50000 - £58000 per annum + Benefits and Bonus: Progressive Recruitment: SAP F...
£30000 - £40000 per annum + BENS: Progressive Recruitment: Drupal Developer A ...