"The first time Doug DeVos and John "Hap" Fauth set out to conquer sailing's America's Cup, their nine-figure project could hardly have gone worse: The boat capsized and nearly sank.
Three years later, DeVos and Fauth are trying again. And this time, they're going for more than staying afloat. By backing this Cup's lone U.S. entrant -- dubbed American Magic -- for a second time, they're hoping to restore the trophy to the New York Yacht Club, which once held it for 132 years, but hasn't won since 1980.
Both men have plenty of experience with ambitious turnarounds. DeVos is the co-chair of Amway and his family owns basketball's Orlando Magic. Fauth founded the Minneapolis-based the Churchill Companies, a private investment firm whose holdings range from real estate to agricultural technology. And both have run world-champion sailing programs.
But the Cup is different. It entails a multiyear-year sprint to build a racing boat on the cutting edge of engineering and agreed-upon rules in order to defeat a series of similarly innovative speed demons head-to-head. Only then does a team earn the right to a showdown with the defending champs.
Back in 2021, American Magic crashed out of the challenger series without winning a single race. But the agony of that defeat hadn't faded before the two executives started plotting a comeback.
The big change they had in mind? Make American Magic even more like a pro sports team than before, DeVos said.
Today, there is a new boat and another budget that exceeds $100 million. There is a new chief executive. There is a new U.S.-centered design team, new talent on the sailing roster and a new 63,000-square-foot home base in Pensacola, Fla.
Their contender, dubbed Patriot like its predecessor, stood in third place against the other challengers near the close of early round robins, clinching a spot in the semifinals. So the 75-foot blue boat, trimmed in gray, has already provided some redemption.
But Fauth and DeVos are setting their sights much higher. No American boat has won the silver ewer, known as the Auld Mug, since Larry Ellison and Oracle Team USA's comeback victory over New Zealand in 2013. And not only are they hoping to add their names next to those of previous syndicate bosses like J. Pierpont Morgan, Harold S. Vanderbilt or Ted Turner, they also want to build a durable operation to keep the team, and country, in contention over the long haul.
"We had a number of people look at how we were set up and basically developed a new model," said Fauth. "In the process, a question was asked: is this a two-shot wonder, or are we following a dream that needs time, energy and commitment over a longer period?"
The qualifying series will determines who faces defending champs Emirates Team New Zealand for the trophy in October.
According to Ken Read, a Cup veteran and president of sail-making company North Sails, the favorites at this point look like the defending champions and 2021 runner-up Italian team.
The U.S. has clearly learned from experience, showing good composure and communication in early racing, but results have been "obviously up and down."
The competitors include some imposing teams. Among them: The Italian Luna Rossa Prada Pirelli team is chaired by Prada Chairman Patrizio Bertelli. INEOS Britannia has the backing of billionaire Jim Ratcliffe and is helmed by sailing legend Ben Ainslie.
"The Americans changed the whole structure of their program and the business," Read said. "They are showing some positive signs, but I'm guessing they would be the first to admit that they certainly have some work to do."
American Magic's second campaign for sailing's top prize began with a painful reckoning with its first.
After the 2021 capsize, morale in the team was crushed, DeVos said. But things rapidly evolved.
The crew worked to save the boat and returned to competition while the two principals began to consider what came next.
"We spent all this time, talent and treasure," he said. "It needs to turn into something more."
While fast, the original Patriot boat needed more agility, along with improvements in areas such as hull design and control systems.
The sailors also needed more experience on hydrofoiling boats, which use underwater wings to send the vessel soaring above waves. "It's so darn difficult to win," said the team's new chief executive Mike Cazer. "It's a wild combination of super high-tech but also bespoke."
After designing and building a new Patriot, which launched earlier this year, the team spent months practicing maneuvers off the Barcelona coast.
They also integrated new crew members, adding Olympic gold medalist Tom Slingsby to a roster that already included Olympic champion Paul Goodison.
Other new additions include "cyclors" -- athletes who will pedal bicycles powering the vessel's hydraulic controls.
The races have showcased both promise and inconsistency. The U.S. secured wins against the French Orient Express and Swiss Alinghi teams, but dropped races to the British and Italian outfits.
"We can't sweep anything under the rug," said Terry Hutchinson, the president of the team's sailing operations. "So all we're seeing right now are just areas that we can improve upon."" [1]
1. Taking Aim at Sailing's Top Prize --- After overhauling their America's Cup project, Doug DeVos and John 'Hap' Fauth hope to turn the U.S. into a contender. Kuriloff, Aaron. Wall Street Journal, Eastern edition; New York, N.Y.. 09 Sep 2024: A.14.
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