Reports are suggesting that Ernesto Bertarelli (pictured) and Larry Ellison are expected to meet face to face to try and thrash out a resolution to a dispute imprisoned in the New York legal system. At stake is the future of one of sport’s oldest trophy.

Alinghi and BMW Oracle Officials have so far been unable to draw up a blueprint that can be largely agreed upon. “There has been no contact between the teams and there is nothing new on the table from them,” explained Alinghi skipper Brad Butterworth.

The Golden Gate Yacht Club – the American team’s HQ – repeated this week its offer to abandon the legal route forcing its way into the Challenger of Record slot.

Speaking from Valencia, Russell Coutts, BMW Oracle’s CEO and skipper, said that his team simply wanted a return to the multi-challenger rules in place prior to the last 32nd Cup. ‘We don’t want the defender to have total control over the challenger race series and practice races,” he said. “The fundamental rules were there and worked pretty well. We have still had no explanation of why they had to be changed.”