(FORTUNE Magazine) – Splice the main brace! The seeds of capitalism are barely sprouting, and already the Leningrad Yacht Club is pursuing the world's most sought-after sailing trophy. Their vessel: Red Star, which has a $3 million, 75-foot carbon-fiber hull made in a former sputnik and space-shuttle factory outside Moscow. Skipper Guram Biganishvili, 41, a law school grad and full-time salt, predicts the boat ''will beat the pants off the competition.'' The race isn't Biganishvili's only worry. His co-skipper, Sergei Borodinov, is threatening to jump ship. Signals out of the Leningrad Yacht Club are mixed, but it seems that Estonia wants to field a challenger too, and Borodinov wants to to be the captain. In the meantime, the boat is expected to undergo a name change. Likely new moniker: Age of Russia. Her home base is undergoing a similar transformation and will likely call itself the St. Petersburg Yacht Club. The city has already made the switch. A spinnaker emblazoned with the word Stolichnaya will be flying when the yacht sets out. If she wins early trials, she'll be up against the San Diego Yacht Club, defender of the cup. Monsieur Henri Wines, which imports the vodka, is a sponsor. Moreover, there's already an official line of toggery -- including Red Star jackets, shirts, and caps -- on sale at Latitudes and other Southern California boutiques to help finance the Russian entry.