The "Dársena Interior", the section of the port that will serve as home base for the Cup, will not be ready before the end of the year or the beginning of 2005.

For that reason, a first speed race is now on to discover provisional solutions that allowed first training in Valencia imposed by a competing environment. Here as elsewhere, Alinghi and Oracle have a length in advance on the other syndicates.

The two billionaires teams agreed with the Club Náutico de Valencia to use the 3000 square meter place that was the Desafio Español base for the Louis Vuitton Cup 2000 (the new Spanish Challenge will compete under a new burgee).

However, it seems that the two megateams are ready to make a little room in the base for a third team, which could be the former Défi Areva.

A meeting was recently held about this in Monaco beetween Pepe Marzal, the commodore of the Real Club Náutico de Valencia, and the French representatives.

Luc Gelluseau, the technical director of Le Défi was today received by the mayor of Valencia Rita Barberá and announced on this occasion that the French syndicate should come in Spain very quickly.

A first series of tests on the boats will start next June with a team of about 30 people. Luc Gelluseau explained that he is considering an informal offer by José Luis Doreste's Spanish Challenge for joint training in Valencia.

"It's necessary to have a precise idea of the course area, even if it seems fantastic", he said.

During the meeting, he emphasized that it's fundamental to obtain "a technical and logistic support from the Valencian companies" for the modifications which will have to be made on the boats before and during the Cup.

"The various parts, the sails, the masts and all other elements will be assembled there", he underlined by reference to the new Protocol. "That's the reason why it will be important to have adequate structures and supports".

"There is place for only one French Challenge", Loïck Peyron said in May and, two months after Valencia was picked to host the next America's Cup, one can wonder if he was not too optimistic as the three French projects are very far from their initial goals.

"Everybody's struggling to raise funds," said Dawn Riley, team manager of K-Challenge. "We're one of the strongest teams, and it's really hard because of the sponsorship market."

"We're day to day right now, whether we can raise the funds," she said. "Until it's over, it's still going. I check my e-mail every night. 'Do we have a sponsor yet?' "

According to the initial plans, the K-Challenge would have to secure at least 50 percent of its total budget (€80 million).

"We are finalizing with a partner for 10 to 15 million euros", now explained Stéphane Kandler, K-Challenge General Manager. "We hope that it will be approved quickly because our team members are now free to move".

"The priority is to start soon the design activities", Kandler added. "Our work will be primarily focused on research and the nonpriority activities will be frozen".

In a similar scenario, the Loïck Peyron's Team France continuing to work to preserve the hope of launching a syndicate.

"We always believe in a winning challenge because we have people with whom we want to work and the assets are still available", Peyron said. "Everybody is waiting for ... but the difference is that I'm not a billionaire and I had to feed my family".

The situation is not better for the former Défi Areva. In spite of the last Cup assets, (a base in Lorient temporarily rented to Bruno Peyron, three America's Cup Class yachts...), the economic austerity is the only way forward for the syndicate.

"We are going step by step", Pierre Mas said. "What is significant for us is to sail in Valencia before the end of the year. we are very close to achieving this goal and it can all start".

A kind of "policy of waiting" which could be beneficial, taking into account the difficulties that presently affect the two other projects.

"Today, it is well established that the context is not clear for the potential investors", said Pierre Mas, who would have contact with the K-Challenge during the French "Salon Nautique" in December. "It is useless to continue each one on our side, knowing that it's very difficult for everybody".

A policy of reconciliation which it had been very hard to implement according to Stéphane Kandler.

"We got a number of lawyer letters from Le Défi and a categorical ‘Niet’ from the Team France, even to sit down around a table", he said. "We are not ready for that".

The Areva Group has on Friday informed Le Défi that it would not renew its sponsorship for 2007, leaving the French syndicate with less than ten months to find a new sponsor (racing starts on September 2004 with the first pre-regatta in Valencia).

"We are under contract until December 31, 2003", the Lorient-based syndidate today said in a statement. "But it's not a surprise for us".

It's also a hard blow for the Loïck Peyron's team France, frequently indicated as the new Areva's choice.

Very discrete since the disappointing regatta in Auckland, Pierre Mas, Xavier de Lesquen and Luc Gelusseau are determined that the crew of le Défi would return stronger and more determined for the 2007 cup.

The team's facilities (particularly the operations base in Lorient) are still the same as the ones used during the past America's Cup with three ACC yachts ­ FRA 69, FRA 79 and FRA 46 ­ were sent back from Auckland to Lorient.

"We have a long term strategy there", said Pierre Mas, director of sport. "Many other syndicates really envy us our tool".

Whatever the name of the City announced tomorrow, the challengers will not be authorized to install their own operations bases there. "It is one of the Swiss requirements", Pierre Mas said.

For the moment, FRA 69 and 79 are sitting in a boat shed and a score of people took again the way of Keroman's base. The team's activity will start again on monohull, in an effort to reduce the costs of sailing.

"One month of sailing, with two America's Cup yachts and 80 people, costs a million euros", Pierre Mas said, acknowledging that "it will be difficult to secure a budget comparable to the Italians, Swiss or New Zealanders."

"The Cup will be in 2007", Pierre Mas said. "It is rare that the sponsors project themselves far but we have partners who allow us to resume the program".