Irishman Gordon Moultrie, the newly appointed team principal, affirmed on Thursday the team's commitment to turn the campaign into a four-year sporting business with Formula One-style sponsorship deals.

With 15 years' experience in the information technology industry and organisational expertise honed in the EDS Atlantic Challenge, he takes the helm at a time when GBR's team building and sponsorship negotiations are well under way.

Moultrie said he intended the British challenge, strongly supported by Harrison, to further popularise the sport, and to pull in more sponsors for the full four years of preparation and racing, along the lines of Formula One sponsorship packages.

Arrangements were already "far beyond" the stage they were at a year before the last campaign started.

"Sailing is where Formula One was ten to fifteen years ago", Moultrie said. "We are putting in place a much broader group of commercial business sponsors than before, as sailing is no longer confined to wealthy individuals."

"We want to have in place six to ten core sponsors across all levels of commitment who will work closely with us and each other. We will offer promotion and corporate hospitality second to none."

The Cowes-based team with four boats will start its sailing programme in June in readiness for the preliminary regattas in Marseilles and Valencia in the autumn. An interim sailing base has been hired at Valencia's Real Club Nautico for Mediterranean training and trials.

Technical specialists leaded by technical coordinator Derek Clark have successfully completed a second phase of tank testing on the modified hull of the GBR70 while others work on the rig developments, sails and hardware systems.

About a third of the team of about 96 has been recruited. It will include ex-Prada men Andy Hemmings, a sails specialist, and Will Brooks, a structural engineer.

With the world's best sailors preparing for the Athens Olympics, Iain Percy, an Olympic gold medalist, is joining GBR for the first time. GBR is also involved in discussions with former skipper Ian Walker and Ben Ainslie, another Olympian.

Tecnical partnerships concerned include Wolson, QinetiQ and Insensys.

"The new race structure favours all teams", Moultrie said. "There will be more exciting racing, more spectator opportunities and more time for testing. "