Scandal may end plans for classic yacht reunion

By JAMES GARDINER

The spectacular collapse of Tyco International Corporation and the criminal indictment of its chairman, Dennis Kozlowski, have upset plans to have two or even three classic America's Cup yachts racing in this summer's Millennium Cup regatta in Auckland.

Endeavour and Velsheda, two of only three giant 1930s J-class yachts still sailing, are no longer expected to join sister yacht Shamrock V in the spectator fleet for the Louis Vuitton challenger series, which starts October 1, or the cup defence, which starts February 15.

Velsheda, which was here for the 2000 defence, had booked space at the Maritime Museum along with Shamrock, but has since cancelled.

For Endeavour's owner, Kozlowski, it was not so much a change of mind as altered circumstances.

Tyco, once a favourite of the New York sharemarket, had a staggering $184 billion wiped off its value this year as its corrupt operations unravelled. Kozlowski faces charges of evading $2 million in tax.

Kozlowski's financial problems seem to have spilled over to his boat and the fact it belongs to the Royal Bermuda Yacht Club, where Tyco owned a corporate tax haven, may not keep the taxman at bay.

Official confirmation is yet to come that Endeavour will not fill the $US180,000 ($395,000) berth booked for it at the America's Cup Village.

But Grant Davidson of America's Cup Village Ltd said he believed Endeavour was not coming and would forfeit the $US20,000 deposit paid - a view confirmed by one United States yachting source and denied by another.

But Elizabeth Meyer of an organisation called J-Class Management said: "Endeavour has a booking on the ship from Florida along with Shamrock. I am in communication with the crew and so far the reservation has not been cancelled."

J-Class Association secretary David Pitman said: "Officially, the yacht is still supposed to be going to New Zealand. However, it is probable that their plans may change, which would be a shame."

Shamrock and Velsheda both had berths booked at the Maritime Museum, while Endeavour's arrangements were with the village company, which is owned by Infrastructure Auckland.

Museum management confirmed Velsheda, which visited for the America's Cup in 2000, had since cancelled its booking and was not coming, but the 119ft Shamrock V was still expected.

Mr Davidson said it was a bit sad. "There'll only be one J-boat. Shamrock will be a great sight on the harbour but two of them would have been good and three would have been fantastic."

He said if Endeavour cancelled another yacht would take the berth. The average size of the yachts expected this summer was larger than 1999-2000 and there would be more of them.

"It's an impressive list; some might say not as impressive as last time - some of those classic boats aren't coming back again and there's a few more power boats rather than sailing yachts - but it'll still be a big fleet of superyachts, probably $1 billion worth."

nzherald.co.nz/americascup

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