The Italian pre-match race for the America's Cup, which will take place off Trapani's coast in autumn 2005, was presented yesterday at the International Boat Show in Genoa by Interior Ministry undersecretary Antonio D'Ali, and by Forza Italia whip at the senate, Renato Schifani.

Trapani's harbour is already undergoing renewal to host the event. The docks works will be funded by the government, with €62 million, to be included in the national Infrastructre Ministry programme. Trapani's municipal council will allocate another €16 million for urban and city works, and Sicily's Regional Government will allocate €4 million for the actual race organisation.

Plus, in order to boost tourism, Italia Navigando allegedly presented a project for a 1,200 boat capacity marina.

According to the Miami Herald, America's Cup Management is looking at Miami to be the U.S. site for a pre-regatta.

''Miami is a great place for Cup sailing, particularly as the city is so close to the Gulf Stream,'' said America's Cup Hall of Fame sailor and tactician for the Swiss Team Alinghi Brad Butterworth.

''As a sailor, when you go out of Miami, you travel half a mile, and you are in open water and the wind pumps up from the north. It is real ocean sailing out there, and that is how we like it", he added. ''The Mediterranean is quite benign, and I am afraid many of our races will be sailed in light air.''

South Florida is known for its high-profile regattas like Key West Race Week and the Southern Ocean Racing Circuit. Sailors throughout the world are aware of its high-caliber race management and challenging sailing conditions.

Today, fulfilling a commitment outlined in the Protocol for the 32nd America's Cup, AC Management published its accounts for the period ending June 30th, 2004. It is the first time the organisation responsible for the America's Cup has operated in such a transparent manner with regards to its financial position.

The total budgeted revenues for the event are forecast at 210 M€. With expenses budgeted at 195 M€, there is an anticipated surplus of nearly 15 M€ which is to be split between the challenging teams (45%), the Defender (45%), and the event organiser (10%) as per the Protocol for the 32nd America's Cup.

Revenue until now has been raised through the Host City fee, the main partner Louis Vuitton, partners Endesa and Grupo Santander, and supporters, Adecco, Ford, Nespresso, and Dockwise. Forecast expenses include (as a percentage of overall expenses) Start-up costs at 3%, Marketing and Commercial costs at 10%, Communication and Media at 21%, Race Operations at 13%, General Operations at 39% and General and Administration at 13%.

"We see this occasion as a natural part of fulfilling our mandate," said Michel Bonnefous, the CEO of AC Management. "It is important that in this new era of a bigger, more dynamic America's Cup, the event organiser is fully transparent, and accountable to its stakeholders - the teams, our partners, our host cities, and the public who support us".

"We are proud of what we and our partners have achieved in the short time since the end of the last Cup. But this is just a beginning. Our expenses to June 30th represent just six per cent of what is in the budget…so that means we have 94% of our work left to do."

The next accounts, cumulative to December 31st 2004, will be presented near the end of the first quarter of 2005.

The challenge deadline is 17th December 2004 (Challengers will be accepted after that date until 29 April, 2005 if accompanied by a late fee) and there are only five official Challengers who are steeling themselves for the Louis Vuitton Cup in 2007.

In spite of this, the CEO of AC Management Michel Bonnefous is feeling quietly confident. "We will certainly arrive to ten or twelve teams in the next year", he said. "An ideal number".

This will be the first America's Cup event to ever be held in Italy. Although the Cup hasn't been sailed in Italy before, the country has a strong recent history in the event, winning the Louis Vuitton Cup and sailing against the Defender in the Match in 1992 and 2000. There are two Italian teams challenging for the 32nd America's Cup.

Full details of the 2005 sailing programme will be released shortly (see the provisional schedule on the left).

Six "Officials"

BMW Oracle Racing
Alinghi
+39 Challenge
Shosholoza
Emirates Team NZ
Luna Rossa Challenge

Eight "Possibles"

Mascalzone Latino
GBR Challenge
Le Defi
Sausalito Challenge
K-Challenge
Toscana Challenge
C7
Victory Challenge

Spanish Teams (El Reto and Pedro Campos) and Ozboyz Challenge were not there.