"The America's Cup is not just about money," says Russell Coutts. "We only had the fourth biggest budget last time." So far, the teams with the biggest budget have never won.
Coutts also believes that potential sponsors are beginning to realise the new possibilities of the Cup in Europe. "They understand that it will be a completely new event."
Alinghi has to find its own sponsors for the defence. Ernesto Bertarelli no longer wants to contribute private money.