A new Italian team is being formed to challenge for the 33 America’s Cup, following the withdrawal of Luna Rossa, the financial difficulties of +39 and what it calls “the immobilisation” of Mascalzone Latino.

The new team, which is to be called Eolia will be entered by the long established  Circolo Canottieri Roggero di Lauria di Palermo and is led by the former world 470 champion and ex-Luna Rossa strategist, 37 year old, Michele Ivaldi.

The team says it has obtained financial backing of €50 million from an industrial group, based in northern Italy. The boat’s godmother will be Italian singing star Nathalie Imbruglia, who was originally from the Aeolian islands.