America's Cup rivals continue court tacking duel

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Swiss billionaire Ernesto Bertarelli has no regrets about backing America's Cup holders Alinghi despite getting involved in a court dispute with opponents BMW-Oracle over the terms of next year's race.

"It's a lot of money that I've put on the table to finance this project, but I would never regret it for a second," the biotechnology billionaire told a news conference two days after Alinghi 5's first sail on Lake Geneva.

"It's clearly the most expensive America's Cup I've had to finance," added Bertarelli, who has backed the team since 2000.

Software executive Larry Ellison's BMW-Oracle team, which sails under the colors of the Golden Gate Yacht Club (GGYC), and Alinghi have been locked in a legal dispute for more than two years over the terms of the 33rd running of the race, the most prestigious in yachting.

Click here to read a report in the New York Times.