America’s Cup Bermuda Limited (ACBDA) has now completed all of its objectives, including a final audit and has now commenced the final wind up proceedings.
ACBDA Chairman, Peter Durhager said: “Our Board met for the final time on Wednesday, March 14, reviewed the final audit and received final reports from our CEO, Michael Winfield and our CFO, Andrew Cox.
“They reported that all goals were accomplished, significantly under budget and that the company could now be placed into voluntary liquidation. The Board was unanimous in praising both of the company’s senior officers for their performance throughout the project and wished them well in the future.
“This was an exceptionally tough project with demanding time frames, a wide group of stakeholders and a skeptical marketplace. With help from many, the ACBDA assisted in creating nine acres of new land on which the America’s Cup Village was constructed, it facilitated the building of team bases, installed the necessary infrastructure, organized transportation to the event, and managed security, utilities, created a unique Wi-Fi structure, serviced significant demands to ensure a world-standard global network broadcast and assisted with the delivery of all of the events both on water and onsite in the event village.”
Mr Durhager said: “When Bermuda was announced as the host location for the 35th America’s Cup, many stated that Bermuda would not be able to deliver to the required standards. Following the event, praise was virtually universal with many saying that was the best America’s Cup in its 160+ year history. This was a significant accomplishment and we take pride in a job well done.
“I must also praise our Board who stuck with us throughout, who provided continued guidance, ensured effective and meaningful governance and who never hesitated in reminding us of our primary objective of engaging Bermudians in the America’s Cup experience. When we review the research surveys and saw Bermudians praising the event, they also can be proud of our shared accomplishments. Our Board is exceptional, and I know Mike Winfield joins me in thanking them for all of their hard work and diligence.”