By Alan Baldwin
PORTSMOUTH, England (Reuters) - Ben Ainslie Racing, the British Challenger for the 35th America's Cup yacht race, announced a new global partnership with Land Rover on Wednesday and said they had already secured 75 percent of their projected budget.
Engineers and designers from the British auto manufacturer will work closely with the team to provide race-winning technology.
The team already have considerable input from the world of motorsport, and Formula One in particular, with former McLaren principal Martin Whitmarsh brought in as chief executive and Red Bull designer Adrian Newey also involved.
The agreement with BAR, now renamed Land Rover BAR, was announced at their impressive new home base in Portsmouth harbour on England's south coast.
Founding shareholder and board member Keith Mills said Land Rover's financial contribution was significant, although he could not give details.
"There are several other companies that we are in discussions with now that will get us to the target of 80 million (pounds) ($125.88 million)," he told Reuters.
"To have raised 75 percent of your target before you have even raced is remarkable, frankly... funding sports teams is always difficult but I think we've done remarkably well in a very short period of time."
Mills said he expected the remaining 25 percent to be raised even faster.
The team said Land Rover engineers had already started work on a number of design challenges "where they can contribute their unique knowledge."
Land Rover will become a core member of the team's Technical Innovation Group (TIG).
"The TIG will bring together the best of British design, technology and innovation to contribute to this unique technical and sporting challenge, with the ultimate aim of bringing the Cup home."
The America's Cup, which started in England in 1851, is one of the oldest competitions in world sport, although no British boat has ever won it. The next edition starts in 2017.
Portsmouth will host an America's Cup World Series event over four days in July, with all teams competing with 45 foot catamarans and the action taking place 50 metres offshore and at speeds of 40 mph.
Points scored in the World Series carry forward to the next stage of the competition that culminates with the finals in Bermuda in 2017.
Mills said organisers were expecting more than 100,000 spectators a day with grandstand seats already sold out.