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America's Cup HQ To Be Built In Portsmouth

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  • America's Cup HQ To Be Built In Portsmouth

    America's Cup Portsmouth HQ gets 7.5m

    More than 7m of government funding is to go towards supporting Sir Ben Ainslie's America's Cup sailing team base in Portsmouth.

    Sir Ben said the funding for a British America's Cup entry would enable the project to "push forward".

    Last month Portsmouth City Council approved plans to build the 12m team headquarters at Camber Docks.

    http://www.bbc.co.uk/news/uk-england-hampshire-28103917

  • #2
    Re: America's Cup HQ To Be Built In Portsmouth

    An interesting project but perhaps not the best use of public money.

    Something like this should generate its own funding if it is viable.

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    • #3
      Re: America's Cup HQ To Be Built In Portsmouth

      Why do they need such a grand HQ? Unless they think it will lead to long term investment in yachting. In Falmouth Peter D'Savoury ( not sure on the spelling ) had a HQ built for his America's cup challenge, that became the successful Pendennis shipyard, dealing with Super Yachts.

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      • #4
        Re: America's Cup HQ To Be Built In Portsmouth

        Peter Unsavoury .....

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        • #5
          Re: America's Cup HQ To Be Built In Portsmouth

          Mmmmm. And it would only take 10 million to sort Weymouth link span and docks...

          But of course there is no public money for that.........!

          I shouldn't think so much!

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          • #6
            Re: America's Cup HQ To Be Built In Portsmouth

            Originally posted by Skipcool3
            Mmmmm. And it would only take 10 million to sort Weymouth link span and docks...

            But of course there is no public money for that.........!

            I shouldn't think so much!
            Just think how many Linkspans and new Pegasis ferries could be built with the HS2 money, clean super efficient links to the continent!

            Comment


            • #7
              Re: America's Cup HQ To Be Built In Portsmouth

              The way I see it is that the investment in Portsmouth is creating new jobe and a facility that will have long-term use. The grant is less than 10% of the project cost.

              The Weymouth link-span will only protect existing jobs and is a purely commercial question for the Council and companies involved, lack of past investment should not, in my opinion, result in public funds.

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              • #8
                Re: America's Cup HQ To Be Built In Portsmouth

                Another boost for Portsmouth.

                Plymouth has one hope now... global warming!

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                • #9
                  Re: America's Cup HQ To Be Built In Portsmouth

                  One can always come up with another way the money could be spent and if we did that all the time we would end up throwing money at the same old things. That's why they have their so called POTS of money. Mind you saying that I sometimes think more needs to be in our own pot before dishing it up overseas as we have our fair share of issues.

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                  • #10
                    Re: America's Cup HQ To Be Built In Portsmouth

                    Originally posted by prfd
                    The way I see it is that the investment in Portsmouth is creating new jobe and a facility that will have long-term use. The grant is less than 10% of the project cost.
                    You mean its going to cost in excess of 75million to compete in a race between two yachts?

                    And if they are going to be successfully raising that sort of money (say not less than 68 million), why do they need public funds to top it up?

                    I run a charity. We have created seven jobs (and like to think we help a lot of families). And a government contribution to job creation? Don't make me laugh.

                    Rant over.

                    I am not sure either about the 'long term use' aspect. One other ex America's Cup base that I have visited is now a museum of marginal interest to those of a non-specialist understanding (and, apparently, there is little new or exciting to those with such an understanding) and a base from which rich people can go sailing. And a colleague who visited one in, I think, San Diego described it as 'rather sad' - (but that is hearsay).
                    .

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                    • #11
                      Re: America's Cup HQ To Be Built In Portsmouth

                      And if they are going to be successfully raising that sort of money (say not less than 68 million), why do they need public funds to top it up?
                      My sentiments exactly! Public funding could be applied more usefully than to propping up rich men's hobbies. The proposal sends out all the wrong signals to put it mildly.

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                      • #12
                        Re: America's Cup HQ To Be Built In Portsmouth

                        Originally posted by cvabishop
                        My sentiments exactly! Public funding could be applied more usefully than to propping up rich men's hobbies. The proposal sends out all the wrong signals to put it mildly.
                        The loan was based on the number of jobs associated with the construction and on-going employment, also the extensive facility that will be available for future use in the maritime field.

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                        • #13
                          Re: America's Cup HQ To Be Built In Portsmouth

                          First time I have seen the word 'loan' used in the context of this scheme - not that it really fundamentally changes any disquiet that I harbour.

                          I thought that it was this kind of luxury funding that the lottery was sold to us as being the way forward.

                          Anyway, I suspect that 7.5million will be only the tip of another public sector funding involvement at the end of the day. If i am wrong, then I come back to my original point - if they can raise 90% or more from other sources, why not try for 100%? I would have less objection if central government were to issue a guarantee, limited to 7.5 million, for any reasonable recovery of necessary expenditure between 67.5 million and 75 million if other fundraising falls short.

                          If it is such a good deal for jobs and future infrastructure then funders will be falling over themselves to invest.

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                          • #14
                            Re: America's Cup HQ To Be Built In Portsmouth

                            Architect designed I see - another 7m for the gravy train then (L)

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                            • #15
                              Re: America's Cup HQ To Be Built In Portsmouth

                              Originally posted by Millsy
                              Architect designed I see - another 7m for the gravy train then (L)
                              Who else could design it? A road sweeping operative?

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