San Diego ? Dennis Conner’s newest America’s Cup yacht sank Tuesday in the Pacific Ocean about a mile off Long Beach, just before it was to pick up a group of sponsors for an afternoon sail.

Everyone aboard the 80-foot Stars & Stripes was rescued, and salvage efforts began immediately.

Conner said he’s confident the $5 million boat can be repaired in time for the start of the America’s Cup trials Oct. 1 off Auckland, New Zealand.

Conner, who was not on the boat, said it sank in 55 feet of water in about four minutes after the rudder shaft broke and tore a hole in the hull.

“If you want to talk about luck, we’re normally sailing where it’s 2,000-feet deep,” he said. “If you want to talk about extra luck, it landed in about 21/2 feet of mud, so the boat is sitting straight up and down, with no damage to the hull or mast.”