The word "destroying" does sound like journo over-kill, but he certainly doesn't seem to achieved his objective, which was to be the Formula 1 of sailing.
However while the AC is stumbling, the Extreme Sailing series seems to be going from strength to strength: check out this excellent 84 page guide to the 2013 season.
Of course the summer's events could turn things all around: either way both will be interesting to watch.
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