Time and distance tend to impart a rosy glow, so before you guys turn the recently departed Alan Bond into some kind of sailing saint, please pause to learn some of the more pertinent realities of the man who headed Australia’s successful challenge for the America’s Cup in 1983. Here goes:
Bond was not Australian born. He emigrated here from the UK aged 11. He had a criminal record as a 14-year-old in Perth for petty theft, and fell foul of the law again at 18 for attempted burglary. Throughout his life he lied about his school record and achievements. From his early 20s he had set a pattern of not paying his business debts and borrowing beyond his capacity to pay.
Bond is still the biggest corporate criminal in Australian history. When his empire collapsed in 1991 he left the banks, financiers and shareholders around $6 billion out of pocket. He ruined thousands of lives through deliberate bankruptcies that left his mum & dad shareholders with nothing.
Bond was convicted three times for different frauds. In 1997 he was sentenced to seven years in prison for siphoning off $1.2 billion in shareholder funds for his own use. In an attempt to avoid a jail term Bond feigned mental illness. His daughter died of a suspected drug overdose and his second wife committed suicide.
As for his contribution to sailing, his America’s Cup campaigns were principally exercises in self promotion and largely financed by borrowed money. Bond was a notoriously hopeless yachtsman himself, and did little to encourage or support sailing in Australia beyond the very narrow and exclusive circle of the 12 metre scene.