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Illbruck battles for funding

Illbruck is the overall Volvo Ocean Race leader

BERLIN, Germany -- Illbruck could still be the first German boat to take part in the America's Cup if funding is found in the next couple of days, sources told Reuters.

The crew, which is leading the Volvo Ocean Race, announced earlier this week it had given up plans to compete in the competition next year due to a lack of sponsorship.

A spokesman for the syndicate told Reuters: "There is still some hope. Negotiations are still taking place with various potential sponsors, either to take over the whole campaign or to be the sole sponsors.

"We are looking for an injection of between 15 million euros and 18 million euros($13.1 million to $15.7 million) to get up and running again."

The Illbruck boat, that will be used to compete in the America's Cup, is being built in Bremen but work has been stopped while team managers try to find the extra funding.

Illbruck, overall leaders of the Volvo Ocean race after four of the nine legs, are 10 million euros short of the 25 million euros required to mount a serious challenge for yachting's most prestigious trophy.

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Syndicate chief Michael Illbruck told reporters on Wednesday: "Despite intensive efforts, we have not succeeded in finding sufficient sponsorship for the campaign."

The group, based in Leverkusen near Cologne, Germany, aimed to take part in the four-month elimination series for the 31st America's Cup starting in October, representing the Dusseldorf Yacht Club.

The eventual challengers will take on defending champions Team New Zealand in February 2003 off Auckland, New Zealand.

German firms are taking an interest in the America's Cup, with car luxury car maker BMW expected to back U.S. challenger Oracle and software giant SAP due to support New Zealand's defence.

Illbruck have a commanding overall lead in the round-the-world Volvo Ocean Race and are currently sailing the fifth leg from Rio de Janeiro, Brazil to Miami, Florida.

"Winning the Volvo Ocean Race is still our main target," Illbruck's spokesman said.