01/12/2012 08:06 pm ET Updated Mar 13, 2012

Capitalizing On The Auld Mug

The latest America's Cup controversy arose with a complaint filed in state court in New York City on Dec. 12, alleging that the Golden Gate Yacht Club (GGYC), defender of the coveted sailing trophy and orchestrator of the prestigious international regatta in San Francisco, unfairly rejected an African American sailing team's bid to compete as a defender candidate.

In a move that piqued the interest of close observers in the sailing world, the suit also takes things a step farther by challenging the legitimacy of including lucrative waterfront development deals into GGYC's December 2010 agreement to host the 34th America's Cup in San Francisco.

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