While the Swedes broke out the bubbly after their win in the quarter-finals of the Louis Vuitton challenger series, supporters of France's Le Défi Areva and Britain's GBR Challenge yesterday struggled to hold back tears of realisation that their America's Cup dream was over.

For the French, semifinalists in the last series, this event has not gone anywhere as smoothly. Their fluorescent green yacht FRA69 was always down on speed and they were unable to cement a strong afterguard.

Off the water the French struggled to find funding - their budget was small - and, when they did, their Areva nuclear sponsorship got them offside with Greenpeace, whose inflatable protest boat collided with the yacht at its launch in Lorient, France.

Le Défi head Xavier de Lesquen confirmed his team’s interest in challenging again but added that it was too early to make a definite commitment.

Indeed, it is too early to know where or when the next America’s Cup will be held. The winner of the Cup, whether Team New Zealand or a Louis Vuitton Cup challenger, will decide the venue and the time frame.

"It has been wonderful to be part of this regatta. We have been late with our programme for sure, but now we have to think about the future," he said. "We know to compete with the other teams we have to be better prepared."

Undeterred, GBR Challenge boss Peter Harrison said his team was ready to go anywhere in the world in its quest for the Cup, whether it involved challenging or defending.

He insisted that Britain's first America's Cup entry for 15 years had laid solid foundations for future success. Despite the disappointment - and the massive outlay of cash - he was determined to take GBR Challenge to the next America's Cup.

"I'm planning on continuity, definitely," he said. "I've taken lots of decisions within the team, which will enable that to happen. The key thing I wanted to do was kick-start Britain back into what I call the World Cup of sailing".

Businessman Harrison stumped up £22m to revive Britain's involvement in the competition but he stressed it was money well spent to help put Britain back on the America's Cup map.

"The only disappointment is that we didn't bring GBR 78 here early enough and were always going to be a one-boat programme", He said. "So if there's any lesson it's to start early and to get your boats here early. But we'll have a better opportunity next time."

"The key to continuity is hopefully we have shown, where we've got major global companies and British companies, that there is value in supporting and backing us for this World Cup of sailing".

"Given that, I am prepared to put in certain additional monies and carry the campaign on. But I do need partners and sponsors to join me."

Harrison said the GBR team would stay in Auckland until December 31 and start preparing for the next cup.