The make-up of the new body tasked with preparing Bermuda for the 2017 America’s Cup has been revealed by Grant Gibbons, the Minister for Economic Development.

Dr Gibbons said that America’s Cup Bermuda Ltd (ACBDA) would be funded by an annual government grant and would be responsible for fulfilling Bermuda’s commitments to the event.

Yesterday he unveiled Peter Durhager, the former chief administrative officer and executive vice-president of RenaissanceRe, as chairman of the board and Mike Winfield as its chief executive officer. The ACBDA’s board of directors will also include John Collis, David Dodwell, Darren Johnston, Warren Jones, Donna Pearman, Denise Riviere, Jasmin Smith and Blythe Walker.

Dr Gibbons told a press conference that ACBDA would represent Bermuda’s interests with the America’s Cup Event Authority (ACEA), the teams and other parties, and work with ACEA to help to raise sponsorship to offset the Island’s financial guarantee commitments.

“The body will play a central role in helping Government and Bermuda fulfil its responsibilities as the host venue for the America’s Cup 2017,” he added.

“It is owned by Government as the sole shareholder, but will carry out its role as an independent body, with full accountability to the Government through the Ministry of Economic Development.

“We chose a company structure which has been successfully used before, the BLDC [Bermuda Land Development Company] being an example.

“With this structure, the ACBDA will have the ability to hire a small staff, engage consultants and enter into contracts in order to carry out its responsibilities.

“During its operation, the ACBDA will be funded by an annual grant from the Ministry of Economic Development, much like the Bermuda Business Development Agency.”

Mr Durhager, who recently retired from RenaissanceRe and played a “key role” in the success of the Bermuda bid, said that the ACBDA would not become a “large, bureaucratic organisation”.

He added: “It will be lean and efficient. It has a big job to do in a very limited time.

“ACBDA will help deliver Bermuda commitments under the host venue agreement with the ACEA. It will liaise between the ACEA and Bermuda, and assist the ACEA, Oracle Team USA and challenging teams in relocating to and operating in Bermuda.

“It will represent Bermuda’s interests across all parties, including defining a positive long-term legacy and ensure effective communication within the Bermuda community relating to the America’s Cup.”

Dr Gibbons revealed that the ACEA had received more than 700 responses to the 12 jobs that were recently advertised. “The America’s Cup Event Authority has been working closely with our team and planning their move to Bermuda, beginning in February and March,” he said.

“I understand that they are delighted with the volume and quality of the responses they are receiving.”