No, it can’t be both, but one could be the traveling reserve. Probably not, though, as that is a risk if something happens to the rider and then the reserve is also out.
Alcazar has suffered a minor injury and is now out of contention 
What a shame. I can’t begin to imagine her disappointment.
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What is a “now sponsor” ?
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Link to enter your email below to be reminded when the U.S. Dressage Team Final Olympic Observation Event is live on USEF Network.
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“Now sponsor” = four winds farm (Yahoo wealth). I know one of his previous sponsors who brought him back.
Sorry, I’m not following what you mean. Four Winds Farm/Akiko Yamazaki has been his sponsor for many years. And the Kommerstads before then.
I’ve never heard the term “now sponsor” before, and so I’m learning something everyday ! 
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She just means a company/person who is sponsoring him right now, as opposed to four years ago at the last Olympics.
So “current sponsor” would have been a lot clearer?
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Probably, but I didn’t find it that confusing either way.
Outside the American team, there is a lot if flux as qualified horses around the world are injured or retired, as riders say they won’t travel due to health risks or are suffering injuries themselves. Ireland qualified a team for the very first time but Judy Reynolds has just retired her horse so that won’t happen now. Ingrid Klimke is injured after a xc fall, another top German horse injured (can’t recall which off the top of my head)… It seems less certain and settled than any other year.
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So much of Olympic glory is just plain ole fashioned good luck - in any sport.
I say this under the assumption that all the athletes have put in the blood, sweat and tears and probably pretty equally. But often (unless you’re a phenom like Simone Biles) it just boils down to that day, that day’s circumstances at play and good ole fashioned good luck.
Have that same competition with the same folks a week later and the results will probably be different.
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Four Winds Farm/Akiko Yamazaki has been his sponsor for the last three Olympics (2016, 2012, 2008), with Legolas and Ravel. As you said. referring to her as his current, or now, sponsor infers there was a change, when there hasn’t been. That’s what confused me. Carry on.
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Is anyone watching the observation event?
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The rides are available on demand on the USEF Network.
Here is Adrienne Lyle’s winning ride from Wednesday.
https://www.facebook.com/USADressage/videos/493960115192183
She just rode and broke the 80% margin. 3 riders to go. Live on USEF Network. https://www.usef.org/network/coverage/2021usdressage/?cl=b
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Pais before that. A story with these three sponsors.
Who got him to that level after Udon? Where was he after Udon? Yes, there was a large change.
Who is Pais?
Steffen was sponsored by Lila Kommerstad in the nineties and early 2000s by Kommerstad and then by Akiko with Ravel prior to the 2008 Olympics.
