Photos: Best of the America's CupKEY POINTS:
Spain's Desafio Espanol look set to become the challenger of record if Alinghi defend the America's Cup.
It is understood the Spanish team, headed by Agustin Zulueta, have worked out a draft document for the 33rd America's Cup with Alinghi.
The pair are believed to be discussing increasing
the length of the boats from 24m to 27m.
While that would suggest the next event would be held in Valencia in two years time, that may not necessarily be the case.
While he may have picked out a challenger of record, Alinghi syndicate head Ernesto Bertarelli may need a little more time to establish a team.
It is understood the five prominent Kiwi sailors in Alinghi - Brad Butterworth, Simon Daubney, Warwick Fleury, Dean Phipps and Murray Jones - will join Russell Coutts at BMW Oracle Racing.
While Coutts has not yet confirmed the move, it is understood contracts have been written up and are awaiting signatures at the end of this event.
The loss of the Kiwis would be ironic considering Bertarelli brought them from Team New Zealand in 2001.
However, another rumour doing the rounds is that Bertarelli may consider selling Alinghi after this cup. It is believed the move would be within the rules. The new owners would just have to represent the yacht club Societe Nautique de Geneve, which Alinghi represent. However that does seem unlikely, considering Bertarelli is a keen sailor.
What is also interesting about the Coutts and Oracle speculation is that Coutts and Butterworth are each understood to be looking to return to New Zealand.
If that is the case, Oracle could base themselves in Auckland and alternate between New Zealand and Europe in a similar fashion to which Team New Zealand did this time.
The vibes out of Valencia are positive that Team New Zealand will be at the next cup if they are unsuccessful this time.
Toyota have already said they will recommit. The group of anonymous businessmen who contributed to this campaign are also likely to return.
While it is unlikely the New Zealand Government will hand over another $34 million, they may commit something. Team New Zealand's campaign has not only been successful in a sporting sense, it has also been a successful tool in marketing New Zealand.
Whether or not Emirates airline will sign on for another campaign is unknown.
It could come down to how strongly they feel about the cup going to Dubai if New Zealand win - something that will never happen if the New Zealand Government are involved and the team remains under the leadership of Grant Dalton.