Another battle of billionaires is stirring in the America's Cup, and this one could deal sailing's marquee regatta a staggering blow.
Rather than bog down the sport with another legal fight, Italian billionaire Patrizio Bertelli is threatening to pull Luna Rossa Challenge out of the America's Cup if defending champion Oracle Team USA doesn't follow the rules in deciding whether to downsize the boats to be used in the 2017 regatta.
Additionally, Luna Rossa, which is backed by the fashion house Prada, said the opening event of this year's America's Cup World Series in Sardinia will be in jeopardy if Oracle Team USA doesn't "quickly announce a public clarification" to a proposal to downsize the class of boats to be used in the 2017 regatta in Bermuda as a cost-saving measure.
Oracle Team USA is owned by software billionaire Larry Ellison, whose decision to defend the America's Cup in Bermuda rather than in the United States has made it difficult for some teams and the event itself to raise sponsorship money.
In a statement posted on its website, Team Luna Rossa Challenge said it "is distinctly opposed to the proposal ... to change the Class Rule for the 35th America's Cup and therefore the boat that was previously accepted by all challengers on June 5th 2014.
Luna Rossa said it "trusts that the Defender will quickly announce a public clarification" to also avoid jeopardizing the America's Cup World Series stop scheduled for Sardinia in June.
It's believed that the Italians have already spent tens of millions of dollars designing their 62-foot catamaran.
Bertelli, who is married to Miuccia Prada, is likely to follow through on his threat.
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