Report: Louis Vuitton wants America's Cup refund

Emirates Team New Zealand races alone past Alcatraz Island during an America's Cup challenger series sailing race Sunday, July 7, 2013, in San Francisco. Emirates Team New Zealand was to have competed against Luna Rossa Challenge in the first race of the series, but the Italian team announced they would not take part in the race on principle while awaiting a jury's decision on a ruling. (AP Photo/Eric Risberg)

July 11, 2013 10:43:56 AM PDT
One of the big sponsors of the America's Cup wants a hefty refund.

The French retailer's contract was based on at least eight teams competing in the Louis Vuitton Cup, the two month round robin competition that determines which team will sail against Oracle team USA for the America's Cup. There are only three teams competing in the challenger series.

The SF Business Times report says Louis Vuitton is entitled to a $1 million rebate for each team less than six that participates.