"There is place for only one French Challenge", Loick Peyron said in May and, five months later, this opinion seems more real than ever. While Chris Dickson announces a $US100 million campaign, the three potential French teams have yet to secure a budget.

By many considered as favorite in this French competition, in particular thanks to the charisma and popularity of Loïck Peyron, Team France is still looking for a main backer, ready to invest several tens of million euros in the adventure.

"We went to see first the CAC 40 companies [the 40 "blue chips" weighted index of the Paris Stock Exchange] because we defend the French colors", Peyron said. After having received a final refusal from French oil giant Total, he remains "relatively optimistic".

Meanwhile, the situation is not better in Lorient. In spite of the last Cup assets, (in particular a base and three America's Cup Class yachts), the former Défi Areva now reconsiders its ambitions.

"A €80 million maximalist solution which includes Paul Cayard is not realistic in today's environment", Pierre Mas regretted at the beginning of week. "One month of sailing in America's Cup yachts costs a million euros".

"So we developed a program with monohull - with lighter development program - for the first two years of preparation", he added. "This way we reduce the costs to generate a profitable operation for our partners".

Speaking about contacts "in the United States, in Japan and in Europe", K-Challenge's Stéphane Kandler appears to have reduced their €80 million goals. He just said now that his campaign could continue if €15 million could be found by the end of the year.

To leave this dead end, the three syndicate seem to have the same idea : trying to convince Areva to return after a positive considered experience (in spite of the poor performance of the French crew).

"We spent €15 million in 2002 and it would be necessary to invest two or three more we're done", observes Jacques-Emmanuel Saulnier, director of communication and spokesman for the Areva Group. "I don't know if it is appropriate for our needs".

"Even if it were the case", he added, "none of the three current projects can provide the guarantee of success we wait. There is still work to do".

In such a situation , more and more analysts are now evoking a merger solution which would finally allow to build a competitive French syndicate.