> the races were exciting tactical battles from start to finish.
The 2013 cup races were closer and more tactically focused than the majority of the mid century cups.
> Those boats are amazing feats of engineering, no doubt, but after you've watched them for 5 minutes, there's really nothing left to see.
Anyone with that mentality would have assumed NZ would inevitably win. Obviously that wasn't the case, so it's not quite as simple as saying that you've seen it all after 5 minutes. One point where I would agree with you is that there weren't enough opportunities to make a mistake that results in a lead change.
> The costs are so high that there are now only two competitors
There were 12 originally submitted competitors in this years cup, and 3 that were funded and developed to the point of competing in the challenger selection series (LV cup). South Korea came close to contesting in the LV cup but dropped out after disappointing results in the preliminary AC World Series races the year prior. Notably this year saw higher interest and involvement from countries that have not had a strong presence in sailing races in the past, such as SK.
> and the event may die entirely next go round, as there may be only one (Ellison) willing to pony up so much money.
A team from Australia filed to be the next challenger of record literally moments after the conclusion of the 2013 cup. NZ, Italy, Sweeden and SK are highly motivated to repeat their interest. The event is most emphatically nowhere even close to dying.
Cost control is a concern, but steps are being taken to address it. In the 2013 cup the NZ and Italy teams shared development costs as a partnership. It's highly likely that competitors in the next cup will purchase a design kit from the NZ team as a significant cost and time saving measure.
> Viewership has plummeted as a result.
Viewership and interest in the AC has absolutely exploded as a result of this years cup. Just compare it to the San Diego races. This is the first cup in ages to recruit a sizable new audience of people without a prior strong interest in sailboat racing.
There's a fair bit of misinformation running around about this year's AC that largely comes from two camps: people who like to bash on anything Ellison touches (understandable, he doesn't come across as a very likable guy), and nostalgia from folks that fetishise more classic looking boats. But it's just daft to think that returning to the 12m or J-boats has a brighter future than foiling multi-hulls. The AC will either continue on its current course, or if someone wins it away from Larry and reforms it in a reactionary way, it's likely that something based on the MOD70 boats will become the new king of sailboat racing. Stuff like the Volvo will continue largely unaffected because they have a very different spectating profile.