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.