The principal backer of Sweden's Victory Challenge for the America's Cup, 59-year-old Jan Stenbeck, died yesterday in Paris following a short illness.
The news came to the Swedish crew this morning, just hours after they had launched the syndicate's second new ACC boat for the Louis Vuitton Cup which starts in six weeks' time.
Stenbeck was the second son of a steel and forestry magnate. The Harvard graduate merchant banker returned to Sweden to spend more time with his father following the untimely death of his elder brother. After his father's death Stenbeck inherited the holding and went on to honour a promise to keep the family business going.
Stenbeck decided to move out of steel and into media and telecoms, breaking many state owned monopolies in Sweden on the way. Stenbeck ran 19 TV Channels in 8 countries and had approximately 600 employees at the time of his death.
He started the daily free newspaper Metro that is now issued in 35 major world cities.
A lifetime sailor, Stenbeck bought the famous Black Knight in 1984, one year after it had been used as the committee boat for the 1983 America's Cup.
Stenbeck had Sophie, a close sister to the J-Class yacht Endeavour built. For the last ten years he had assisted and encouraged young sailors under the auspices of the Gamla Stans Yacht Sällskap yacht club.
Victory Challenge says it will continue to challenge for the America's Cup.
nzherald.co.nz/americascup
Victory Challenge backer dies suddenly
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