According to the Australian website Sail World, the "anonymous South/West Asian based syndicate" in Valencia is the former Melbourne's C7 Syndicate.

C7 Syndicate Head Kristine Condell was heard saying that the syndicate is now Asian based, China. "... As there was some contacts thru our other businesses that came forward when we said that we would not be doing their regular business and we were going to be doing the next America's Cup".

The fall-out of C7 in Australia saw the announcement last week of Simon Reffold (General Manager Sailing) resigning from the syndicate.

"Unfortunately the C7 Syndicate will never be able to deliver what I originally thought it would", said Mr Reffold. "I am not sure of the C7 Syndicates current position on many areas such as Sailing, Location, Design, Construction and Finances".