As you know, we have been very quiet of late because we are working on the details of finalizing our sponsorship with a company that will allow us to compete on the level of Alinghi and Oracle.

That being said, we are on track to announce the deal in August and plan to try and make the second and third Acts in Valencia. We will most likely also look for one other sponsor to share the naming rights of the team.

We don't think it will be hard to find after we announce the first one. We have had a number of private backers inquire about being a Sausalito Challenge supporter. We will set up a program for five to ten individuals to contribute, which will allow them unparalleled access to the team and its facilities.

Our team has now grown to include designers and some sailors. Tina and I have added a partner in Nic Clarke to give us a complete and solid base. Our facilities at Treasure Island have been remodeled and the pier is ready for training in 2005. The rest of the team will be hired in August when we have finalized our sponsorship.