Monday, 10 September 2007

America's Cup Arbitration Panel's Report Released

ACM's Arbitration Panel, have released the full documentation of their findings in respect of CNEV validity and some issues arising from the complaints originally made by GGYC.

The full document may be downloaded as a PDF Here. Do be sure to to note 86 pages before sending to the printer!

We've had a quick glance through the document, and can't imagine it won't be called as evidence in SNG's defence at the court case due to begin at 2pm (EST) today, which is convenient, to say the least. There's much content to satisfy the legal eagles.

Of note: page 29; Point [21]: TEAMORIGIN's Royal Thames Yacht Club outlines the jeopardy to their challenge from any lengthy dispute:

5. Impact of uncertainty

5.1 Until the application before this Panel in this matter is decided and until the matters raised in the Complaint are resolved or settled, there is uncertainty as to the terms upon which RTYC may compete in the 33rd America's Cup and indeed uncertainty as to whether or not RTYC will be permitted to compete in the 33rd America's Cup.

5.2 This uncertainty damages RTYC's ability to raise funds from sponsors
(which understandably wish to know whether the party they wish to sponsor will indeed take part in the event), to employ staff, to plan, to know whether and to what extent to expend further funds on all matters relevant to becoming an effective challenger and ultimately jeopardises RTYC's ability to become a viable competitor.

5.3 A quick decision from this Panel declaring CNEV's challenge and the Protocol valid will provide the certainty RTYC needs, will save RTYC and its representative TEAMORIGIN from potentially wasting substantial sums of money and will ultimately make for a more competitive event."

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