The America's Cup organiser has defended its running of sailing's most prestigious event, saying it would find a new sponsor more in tune with its vision after long-term backer Louis Vuitton ended its support.
But America's Cup Management (ACM), which was set up by Swiss holders Alinghi in 2003 after they beat Team New Zealand to bring the 156-year-old trophy back to Europe, would not comment on speculation that Rolex would fill the void.
"It didn't come as a real surprise - it is a pity that they (Louis Vuitton) did not appreciate the widely shared success of the 32nd America's Cup and the opening of the tournament to a wider audience," ACM's chief operating officer Michel Hodara told Reuters by telephone from Switzerland.
"We now have to try and find a company which does share our progressive and modern vision of the America's Cup," he added.
Louis Vuitton said on Friday it had ended its sponsorship of the America's Cup after a quarter of century, unhappy with the way it was being run and the direction it was taking.
Louis Vuitton had wanted to preserve the event's aura of wealth, elegance and luxury and its appeal to a global audience including the world's super-rich. This clashed with Alinghi's focus on commercialising it, bringing in more money and people.
Hodara would not confirm any names but said ACM was constantly in contact with other potential sponsors.
Privately-owned Swiss watchmaker Rolex has been widely touted as a possible headline sponsor for the 33rd America's Cup. The company already sponsors big sailing events.
Hodara said the other main sponsors of the America's Cup - which was successfully defended by Alinghi on July 3 against challenger Team New Zealand - had been satisfied with it.
"Most companies have been quite happy. A certain number of them are keen to renew," he added. "Globally the results have been extremely positive."
Financial hole
Louis Vuitton's move leaves ACM with a large financial hole to fill as the company had invested tens of millions of euros, far outspending fellow sponsors Spanish bank Santander , Alcatel-Lucent and Spanish utility Endesa.
"For sure, this was a significant amount of money but by leaving they have given us an open space for somebody that wants to take advantage of," Hodara said.
Ultimately, the differences boiled down to taste and vision.
"Louis Vuitton have their own vision of the event. It just depends on people's vision. Some people like caviar and salmon, some people like ham and cheese.
"Neither makes you a bad person," he said.