Murray Says Cup Effort Not in Financial Straits

The Spirit of Australia syndicate hoping to challenge for the America’s Cup is not in bad shape financially, after all, the head of the group said Friday.

Still, Iain Murray said his outfit could use another $2 million or so.

Murray backed off his earlier statement that Spirit of Australia’s bid would be “dead in the water” unless it could raise another $2 million.

“All we have been trying to say is that we need a couple of million dollars extra from the people of Australia to ensure that we have the most competitive Australian syndicate in San Diego to win back the America’s Cup,” Murray said.

“We do not have a fund deficit, we have not borrowed money.

“Any suggestion that we are financially strapped is completely wrong. We certainly need more support, but there is no doubt whatsoever that we will be in San Diego as one of the favorites to win the Cup back from San Diego Yacht Club.”

Murray’s earlier statement prompted an offer from the rival Challenge Australia syndicate to take over the Spirit of Australia effort.

Murray promptly rejected the offer.

Syd Fischer, head of the Challenge Australia syndicate, said he regretted the Spirit of Australia’s problems and felt the nation might be better served by one strong challenge syndicate.

Both yachts have sailed impressively in trials on Sydney Harbour in winds varying from 10 to 25 knots.

Challenge Australia will be shipped to San Diego next week, with Spirit of Australia leaving on Oct. 28.

The challenger series for the right to race against the San Diego Yacht Club’s Cup defender starts on Jan. 25.