America's Cup boat launched

HRH Princess Anne officially unveiled Wight Lightning

GBR Challenge have unveiled the state-of-the-art boat in which they will race the challengers' series for the America's Cup.

HRH Princess Anne visited Cowes on Friday to officially name and launch the British boat, which will race in the Louis Vuitton Cup beginning in Auckland in October.

The winners of the Louis Vuitton Cup will be given the chance to challenge holders Team New Zealand for the America's Cup.

The boat is called Wight Lightning, the result of a Blue Peter competition in which viewers were invited to suggest appropriate names.

A team, including 45 boat builders and designers, have been working on the boat, which will be shipped to Auckland in June.

We have got some talented guys in our team and we are confident we can do Britain proud

Ian Walker

The British team has been set up by Peter Harrison, a multi-millionaire with a keen interest in sailing.

And Harrison told the BBC: "It's a massive mountain to climb. We have had to start from scratch so inevitably we have a harder job than some of the other challengers.

"But I really do think that the boat we're naming today will represent a real threat."

Harrison's team includes skipper Ian Walker, a double Olympic silver medallist, and Greg Searle, who won an Olympic bronze medal in rowing.

Britain's America's Cup bid is expected to cost a total of £22m while other teams are tipped to spend three times that on their challenge.

Walker, though, played down the financial limitations and insisted he has high hopes for the new boat.

Royal hitch

He said: "The money is an issue but the richest team does not always win.

"We have got some talented guys in our team and we are confident we can do Britain proud."

The unveiling, though, was not hitch-free.

Princess Anne's first attempts to christen Wight Lightning with a bottle of champagne failed when the bottle did not shatter on the hull.