Oracle CEO's costly sailboat racing team goes down to defeat in semifinal Larry Ellison’s costly bid for the America’s Cup is over, ending before the storied sailboat race even started.“Hurts big time,” read the headline on BMW Oracle Racing Team’s blog in response to its 5-1 defeat by Italian rival Luna Rossa Challenge team in the best-of-nine semifinal of the Louis Vuitton Cup held off Valencia, Spain. The blog ran several pictures from the aftermath of the last race, including shots of celebrating Luna Rossa team members and supporters that paired congratulations for their victory with sadness for BMW Oracle’s own defeat.Once a favorite to win the America’s Cup, BMW Oracle was founded by Ellison, Oracle’s CEO. Ellison sailed on the boat, at times taking the helm during the early stages of the Louis Vuitton Cup, a series of races held to choose the challenger that will face defender Alinghi, of Switzerland, in the America’s Cup later this year. BMW Oracle, widely believed to be the best funded of all the America’s Cup teams, with a budget of $150 million or more, was the only U.S. team competing to race in the historic regatta. Prior to the start of the final race with Luna Rossa, BMW Oracle replaced skipper Chris Dickson with backup helmsman Sten Mohr. After a close start, Luna Rossa built a 32-second lead on the first leg to the windward mark. BMW Oracle was not able to close the gap, trailing the Italian boat across the finish line by 33 seconds.“They have out-sailed us in many areas on the race course this week, they’ve had great speed upwind, enough speed downwind, started well, got those first wind shifts, made good tactical calls,” Dickson, who is CEO of BMW Oracle, told reporters after his team lost to Luna Rossa.Luna Rossa will now face the winner of a matchup between Emirates Team New Zealand and Desafío Español 2007, the Spanish challenger, to determine who faces Alinghi in the America’s Cup. Emirates Team New Zealand currently leads that series 4-2. Technology Industry