"What it will probably do is open the door for other Americans to come and challenge, which I think is exciting."
Reports have indicated that Richard DeVos, a co-founder of Amway and owner of the Orlando Magic NBA team, was set to challenge, potentially in association with the New York yacht club.
New York clubs first won the America's Cup in 1851, and held it for 132 years until finally being defeated by Alan Bond's Australia II in 1983.
There is also the possibility that there could be potential challengers from Chicago, or a new challenger from San Francisco if Ellison decides not to compete.
Lester believes that more American teams could be eager to enter without Ellison's involvement.
"Ellison was not that popular amongst the American sailing establishment. In my opinion he was threatening - if someone looked like they were going to be worthy opposition - as we saw with the challengers - he would threaten them."
Luna Rossa is currently the challenger of record for 2021, while there could be a potential challenger from Australia. Ben Ainslie Racing and possibly Artemis are also strong chances of challenging.