CC MEETING (26 MAY) -- Media Statement

[Updated 31 May 05 -- The announcement planned for Tuesday, 31 May has had to be postponed to, hopefully, no later than the end of the week as more time is necessary to finalize the paperwork.]

The Challenger Commission for the 32nd America's Cup ("CC") met at the call of Chairman George Clyde by telephone conference on 26 May. Representatives of all eleven Challengers were present on the call or had given their proxy to the Chairman and pre-voted by email.

Present for the conference representing Challengers were:

- BMW ORACLE Racing (USA) -- Tom Ehman
- Luna Rossa (ITA) -- Bruno Finzi and Luis Saenz
- Mascalzone Latino Team Capitalia (ITA) -- Tom Weaver
- Victory Challenge (SWE) -- Bjorn Ohde
- China Team (CHI) -- Jean-Charles Scale

Chairman Clyde reported that the following teams had responded to the notice of the meeting with pre-votes:

- Desafio Espanol (ESP) -- John Cutler
- Emirates Team NZ (NZL) -- James Farmer
- K-Challenge (FRA) -- Stephane Kandler
- Piu 39 (ITA) -- Paul Henderson
- Team Shosholoza (RSA) -- Salvatore Sarno
- United Internet Team Germany (GER) -- Uwe Sasse

CSS Working Party chairman Tom Ehman then reviewed the "Valencia Plan VI(c)" detailing the 32nd America's Cup Challenger Selection Series for the Louis Vuitton Cup, previously circulated. He confirmed that ACM had now stated in writing their willingness to sign the plan. SNG and GGYC have also agreed to sign (the latter pending approval by the CC), thereby consenting to make any necessary Protocol amendments to effect the Plan.

After a brief discussion of the history of the Working Party's negotiations and the merits of the Plan, a resolution to approve the Plan passed with eight of the eleven Challengers voting in favor; three were opposed because of various reservations regarding the Plan.

The Chairman noted that the CC Blog will shortly announce that this historic agreement has been reached. However, he asked that the Challengers keep the terms of the Plan confidential until a joint announcement could be made with ACM early next week [now set for Tuesday 31 May in Valencia ].

Chairman Clyde thanked all for their consideration and responses, and particularly the CSS Working Party of John Cutler, Tom Ehman, Bruno Finzi and Dawn Riley for bringing this difficult matter to a successful conclusion.

The CC will next meet just prior to Act 4 on 12-13 June in Valencia. A meeting to debrief Act 4 will take place at 16:00 on Monday, 27 June also in Valencia.