China to enter America’s Cup

Wang Chaoyong, chairman of China Equity Investment and Xavier de Lesquen, co-founder of Le Defi, a French Sports management company, plan to set up a joint venture that will open the way for China to participate in the America’s Cup for the first time in 2007. The leading Chinese venture capital investor also announced that $32 million in U.S. dollars will be invested into forming the sailing crew, to be called “China Team,” to challenge for the world’s most prestigious sailing trophy.