MEMBERS OF AMERICA'S CUP CHALLENGE RAISE CHAMPAGNE GLASSES DURING LAUNCH IN SYDNEY, 1999-06-04 (photo)

Australian Challenge for the America's Cup (ACAC) syndicate members Sir James Hardy (L) and Syd Fischer (C) raise their champagne glasses with the youngest ever skipper of an America's Cup entry James Spithill (R) next to a replica of the America's Cup during the Young Australia 2000 launch in Sydney June 4. The ACAC syndicate announced it would begin the Cup challenge races later this year in an old boat from veteran sailor Syd Fischer's unsuccessful 1995 challenge with the 19-year-old Spithill at the helm. Fischer said the Australians had hoped to build a new boat for the Cup, which begins with the Challengers' series races in Auckland, but sponsorship funds had been drained due to the Sydney 2000 Olympics. DG/TAN/LCY/AA