Emirates Spinnaker Tower mid-2005. Because of the six-year delay in opening and not having been ready for the Millennium as planned, the tower was renamed as Spinnaker Tower. The overall development project was over budget, with the tower costing £35.6 million alone. Taxpayers were never intended to fund the tower, but Portsmouth City Council eventually contributed £11.1 million towards construction. In March 2004, Portsmouth Council's former leader Cllr Leo Madden resigned as leader of the Labour Group on the council after a highly critical report of the council's handling of the project and its failure to exploit revenue opportunities, such as the Millennium.
Spinnaker because it somewhat resembles a parachute in both construction and appearance. This should not be confused with the spinnaker chute which is a hull fitting sometimes used for launching and recovering the spinnaker. A purported etymology has the first boat to carry this sail being a Cowes yacht named "Sphinx", from which "Sphinx's Acre" and eventually "Spinnaker". A spinnaker is used for sailing with the direction of the wind. Symmetrical spinnakers have large amounts of camber, making them nearly hemispherical. Both lift and drag propel the boat forward when moving with the wind. Reaching spinnakers have less camber as they