Yachting: If at First. . .

America's Cup yacht racing is one of the few sports in which the losers are often better remembered than the winners. The most famous figure in the 116-year history of the cup is Britain's Sir Thomas Lipton, who tried five times to wrest it away from the U.S. Australia's Sir Frank Packer, 60, is obviously cast from the Lipton mold.

Packer is the owner of Gretel, the Aussie 12-meter that lost ignominiously to the U.S.'s Weatherly in 1962. That debacle cost Multimillionaire (newspapers, radio and TV) Packer an estimated $675,000—hardly enough to dent his enthusiasm. Last year he...

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