i would like to recognize former america's propecup skipper louio is representing louis vuitton. we appreciate you being here. [applause] we know that you spent a lot of time on an airplane to be here today. i also want to talk about the america's cup world series, the professional circuit that will bring all of the teams and america's cups to port cities around the globe. the america's cup world series will be a tremendous need of an promotional vehicle to the america's cup final, here in san francisco. the world series will kick off in portugal in just eight weeks, then it moves to plymouth in the u.k. in september. i can also announced today we have the dates confirmed for the san diego regatta, the third stop in the world series. that will take place from the 12th to the 20th of november. you will be happy to hear it will be over before thanksgiving. we are looking forward to an exciting c eight -- season of sailing the ac 45's and then for two more seasons in the america's cup events. there is also a bidding process under way. we know five of the six cities that they will be