Yachting: Swedish mogul launches Cup bid

By SUZANNE McFADDEN

Yet another billionaire has entered the race for the America's Cup - this time a Swedish media mogul who has spent $1 million buying Team New Zealand secrets.

Jan Stenbeck, whose companies are worth $US20 million, early today launched his Victory Challenge campaign in Gothenburg with the help of four New Zealanders.

Stenbeck is the man who bought NZL38, one of the original Black Magics from 1995, for $1 million.

Some members of Team New Zealand were unhappy with the sale, believing he had got it for a song.

Part of the deal was that some of the New Zealanders would go to Scandinavia to help the new syndicate learn the ropes of sailing a Cup boat.

Grinder Jonathan Macbeth and veteran bowman Dean Phipps - who appears to have left Team NZ - are staying with the Swedes until September. Another bowman, Nick Heron, and boat boss Roy Mason will help get the boat ready to sail again.

When asked why Stenbeck had not joined in on the chequebook raid for Team New Zealand sailors, syndicate spokesman Bert Willborg replied: "He didn't need to. He bought the boat."

Black Magic II was this morning rechristened Cristina, named after the daughter of entrepreneur Stenbeck.

The boat is still predominantly black, with the silver fern removed from its sides, replaced by the logos of Stenbeck's media and telecommunication companies.

Sweden's Olympic Star class sailor Mats Johansson will be skipper of the Victory Challenge, with a mostly Swedish crew.

The team will sail Cristina in Gothenburg during the northern summer, and move south to Italy for training during the winter.

They will build their own race boat next year, but are still negotiating with designers for the syndicate, whose budget is a secret.

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