America’s Cup Team Sells Marketing Rights on Ebay

A sailing team hoping to compete in the America’s Cup in Spain in 2007 is auctioning off its sponsorship and marketing rights on eBay.

The auction for the Sausalito Challenge sponsorship, which attracted an opening bid of $18 million from an unnamed European company soon after bidding began on Tuesday, could be the site’s priciest auction ever, according to the San Francisco Chronicle.

The secret reserve price for the auction, which ends April 23, is between $25 million and $30 million, reported the paper. A “Buy It Now” button would allow a bidder willing to spend $35 million to win the auction instantly.

John Sweeney, co-founder of the Sausalito Challenge, told the Chronicle both he and eBay have prescreened the buyers to be sure the bids are legitimate. An earlier attempt to auction the sponsorship on eBay last week reportedly failed when no bids hit $30 million, the