Bob, that photo is of the Oricle trimaran, from the last Cup races off Spain. The current boats are larger catamarans with fully winged masts and they ride on "foils".
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My college room mate who lives in Long Beach and is a big time sailor (several Trans-Pacs) came up to visit and we spent yesterday in the "City" watching the races.
I have to say that was great fun and incredable specticle! As he is a former YC Commodor, we were able to get into the Saint Francis and the Golden Gate Yacht Clubs. The fairly small Golden Gate YC is the current holder of the cup.
There were two races, we watched the first race from the St Francis YC, very near the start and the first mark is right off shore. The US boat won the start and led at the first mark!
During the run to the leeward mark the lead changed hands four times, with Oracle leading at the leeward mark by 4+ seconds. After that things went down hill fast.
The New Zeland boat is just plain faster up wind, they quickly passes Oracle and pulled away, carefully covering for the rest of the race and winning by a large margin.
For the second race we traveled down to the Americas Cup Village, down near the Ferry Building and right at the finish. This race we watched on the Jumbo-tron, with several hundred fans, then at the end, everyone moved over to the end of the pier to catch the finish, with the finish line right there, a few feet away!
I'll tell you, having one of there things pass by, reaching on foils just a few feet away is something I'll never forget!
