America's Cup, Perrelli takes stock at the Genoa Boat Show after the Naples Preliminary Regatta

The Genoa International Boat Show provided another opportunity to discuss the America's Cup with Marzio Perrelli, just days after the Preliminary Regatta in Naples. It was a new meeting with the media, this time backed by the evidence of a packed waterfront and a level of public participation undoubtedly boosted by Luna Rossa's success. "This was only the appetiser", reiterated the CEO of America's Cup Partnership, joined by Mario Pozzi, head of the technical secretariat at Italy's Ministry for Sport and Youth, and Marco Monsurrò, vice-president of Confindustria Nautica with responsibility for the America's Cup. From the racing, the discussion broadened to the involvement of businesses, the work underway in Bagnoli and the investment that will accompany Naples towards 2027, while also returning to the relationship between the new organisation and the rules of the Cup. The more than 250,000 attendances, together with television figures that Perrelli said were above the average for the period, represent an encouraging starting point. Next year, however, the scale will be different: "An event lasting three months, also including the Women's and Youth America's Cup", with enough time to build attention and bring sailing closer to people who may have started following it after seeing the AC40s flying in front of Castel dell'Ovo.

Perrelli described his first months at the helm of the AC Partnership as an experience that draws heavily on his background in finance and sports media. The unusual aspect is working for a competition with more than a century and a half of history through a newly created structure: "A startup", with seven shareholders to get to know, different requirements to reconcile and an organisation to build. Cagliari and Naples provided the first positive feedback, including from the teams, while the Gulf demonstrated the advantage of bringing the racing close to the public. The programme calls for competition to resume on 22 May 2027, with two days of AC75 fleet racing involving all seven teams. The Youth and Women's America's Cup will also feature during the season, events that Perrelli sees as an integral part of the sporting offer and of the event's ability to involve new protagonists. Before then, the teams' arrival in Bagnoli, AC75 activities and training will ensure continuity for the Cup's presence in Naples, although no further racing calendar is planned for the coming months.

On the future of the America's Cup, the discussion with the media returned to a point already raised in Naples: how much continuity can be guaranteed in a competition in which the Defender retains its prerogatives over the following edition, together with the Challenger of Record. Perrelli sees no contradiction between those prerogatives and the role of the Partnership, which was created to support the organisational and commercial development of the Cup. "The rules are those of the Deed of Gift and we are here to respect them and protect them", he explained. The distinction therefore remains between a structure designed to allow better long-term planning and the decisions that belong to those responsible for each Cup cycle. The possible interest of investment funds also fits into this context: for Perrelli, technology and the human element make America's Cup sailing a sports product with major potential, but any decisions concerning ownership are for the shareholders. The comparison with Formula 1 resurfaced, as did the idea that teams could become assets to be acquired and developed. Perrelli did not point to any single model to pursue: the owners have different approaches, and his priority is to grow the event, build lasting relationships with host venues and develop an organisation capable of operating on an international scale.

Pozzi brought the focus back to one effect of the Preliminary Regatta that deserves attention beyond the success of the weekend itself: the Italian Sailing Federation recorded an increase in memberships in Campania during the week of the racing alone, with most of the new registrations among children under 14. For the government representative, this is one of the reasons for investing in major events, which are also expected to increase participation in sport and generate benefits for the social fabric. The regeneration of Bagnoli is the most visible legacy of the America's Cup, but bringing more young people into sailing is another outcome by which the project can be assessed. Monsurrò added the perspective of someone who lives and works in Naples, describing how he watched the Race Village grow during his morning runs and recalling the city's ability to be ready for the event. Alongside his satisfaction with the organisation and the public response, however, he added a point about business involvement: some companies had expected to be more engaged already during the Preliminary Regatta and felt that opportunities had passed without them being able to seize them. It should be stressed, however, that the recently completed event required only limited commitment compared with what the teams' permanent presence will generate: most of the demand for goods and services is still to come. Under the agreement between America's Cup Events and Confindustria Nautica, signed in Genoa last year and later extended to Unione Industriali Napoli, the procurement portal has already attracted around 3,000 companies, compared with 750 registered in Spain by the end of the previous edition. Confindustria Nautica has helped enrich supplier profiles with financial data, certifications and assessment tools, allowing the teams and organisers to navigate the available expertise more effectively. The portal covers private supplies, while public works follow the relevant tendering procedures. Monsurrò referred to an estimate of around €690 million in purchases of goods and services, with further economic effects expected over the next two years. The teams' move to Bagnoli, starting in January, will therefore be the point at which it becomes possible to assess how far the interest shown by Italian companies, and local businesses in particular, translates into actual contracts.

The estimate of the America's Cup's overall impact has also been revised. Pozzi recalled a figure of around €1.2 billion in the original bid dossier, subsequently updated to approximately €1.4 billion. A protocol is being developed with the Campania Region, the Municipality of Naples and Federico II University to measure the economic and social impact through a shared assessment framework. On a different level, the commercial one, Perrelli reported increased interest after the Preliminary Regatta from companies looking to become involved in the Cup as sponsors or partners. He believes Naples 2027 has the potential to rank among the world's major international sporting events: the crowds seen along the waterfront have made that prospect more tangible, including for potential investors.

The most immediate step remains the completion of the Bagnoli infrastructure and the arrival of the teams, with the French having just moved in. Pozzi clarified that delivery of the publicly funded platforms and construction of the hangars are two separate stages: the latter are the responsibility of the teams, which are proceeding according to their own schedules in coordination with the special commissioner structure. During the discussion on investment, figures of around €1.2 billion were cited for the overall Bagnoli programme, including approximately €450 million for the regeneration works indicated by Pozzi, plus €80 million for the organisation of the America's Cup itself. Pozzi also said the government had enabled the Municipality to free up around €30 million over three years for complementary works. These sums refer to different projects and different timeframes, a distinction that is necessary to understand how much is being allocated to the event itself and how much to the broader regeneration of the area.

Among the works that will serve both the Cup and the city, transport links to Bagnoli will be decisive. Pozzi spoke of a further €15 million for the rail connection, in addition to funds already allocated, with the goal of having it operational by 2027. The prospect outlined is for Bagnoli to be reachable from Napoli Centrale station in fifteen minutes, making an area intended to host the public as well as the team bases much more accessible. The scale of the works also raises the possibility of a future edition: the government, Pozzi confirmed, is interested in discussing it, within the rules of the America's Cup and subject to the decisions that will follow the sporting outcome. Finally, Marzio Perrelli closed by underlining the value of constant dialogue among the seven shareholder teams in the AC Partnership, even when reaching agreement is less straightforward.

Giuliano Luzzatto

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