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37th America's Cup: Second Preliminary Regatta Kicks off in Jeddah

The second preliminary regatta of the 37th America’s Cup, presented by NEOM, commenced on Wednesday on the Red Sea in Jeddah, SPA said on Thursday.
The second preliminary regatta of the 37th America’s Cup, presented by NEOM, commenced on Wednesday on the Red Sea in Jeddah, SPA said on Thursday.
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37th America's Cup: Second Preliminary Regatta Kicks off in Jeddah

The second preliminary regatta of the 37th America’s Cup, presented by NEOM, commenced on Wednesday on the Red Sea in Jeddah, SPA said on Thursday.
The second preliminary regatta of the 37th America’s Cup, presented by NEOM, commenced on Wednesday on the Red Sea in Jeddah, SPA said on Thursday.

The second preliminary regatta of the 37th America’s Cup, presented by NEOM, commenced on the Red Sea in Jeddah, SPA said on Thursday.
Six teams are competing in the regatta, which is powered by the Saudi Sailing Federation in cooperation with the Ministry of Sport.
Tom Slingsby, Helmsman for the NYYC American Magic team and the male recipient of the 2023 Rolex World Sailor of the Year award, highlighted the significance of the preliminary regatta in further bolstering the sailors’ confidence in their skills and abilities.
The regatta provides the sailors with a clear roadmap to secure victory in the 37th America's Cup in Barcelona, Slingsby said. By identifying weaknesses and learning from past mistakes in Vilanova i la Geltrْ, Spain, and Jeddah, they can enhance their overall performance, he added.
Kevin Peponnet from the French Orient Express Racing Team eagerly anticipates the races on Thursday, particularly due to the ideal sailing conditions in Jeddah during this time of the year.
He commended the well-coordinated organization and the warm reception extended by the Saudi Sailing Federation and the Ministry of Sport.
The official races of the regatta will take place from Thursday to Saturday, and the team with the highest number of points will be awarded the NEOM Cup.

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Soccer-AC Milan Owner Denies Report it is Looking for New Investors

AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)
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Soccer-AC Milan Owner Denies Report it is Looking for New Investors

AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)
AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)

US investment firm RedBird Capital on Friday denied a report by Italian newspaper La Repubblica saying it was looking to sell a stake in AC Milan, the Italian soccer club it has owned since 2022.

"The reporting by La Repubblica about selling a stake in AC Milan is a complete fabrication. It is wholly untrue," a spokesperson for RedBird said.

RedBird took over the club from US fund Elliott in a 1.2 billion euro ($1.32 billion) buyout, according to Reuters.

La Repubblica said it was partly financed through a vendor loan from Elliott worth 560 million euros due next year, plus RedBird's own investment of 681 million euros.

RedBird was now looking to "rebalance its portfolio" by selling "up to 150 million euros of the initial invested capital of 681 million" at base cost, the newspaper added.

It cited a document for potential new investors prepared by US investment firm Washington Harbour on behalf of RedBird, adding that the file "has been circulating in international financial circles since May".

In an earlier statement which stopped short of a full denial, a RedBird spokesperson had told Reuters that Gerry Cardinale, the founder and managing partner of the fund, "does not know Washington Harbour and the document cited by the newspaper is not attributable to him".

Washington Harbour did not reply to a Reuters request seeking comment over the press report.