As the curtain falls on the European debut of America's Cup racing in Valencia, questions abound over whether there is light at the end of the tunnel for Britain or whether it is another false dawn.

There is renewed impetus in the forward march of the GBR Challenge team's journey to a second consecutive appearance on the America's Cup stage. Just as their great hope, HSBC, pulled the plug on all talks, in has come Charles Dunstone, the founder and CEO of Carphone Warehouse, who is even wealthier than Peter Harrison.

However, Dunstone has no intention of pouring his corporate millions into the cup. He enjoys sailing his own boat but has kept a low profile. Even now, taking a major role and an asset stake in Britain's future participation is conditional on finding a major financial partner.

On Oct 10, Ed Gorman in the Sunday Times reported that Charles Dunstone is thought to have committed about £10 million of his own money to the project alongside a roughly equal amount from Peter Harrison, the syndicate founder.

As importantly, he would want to see a wholesale review and then restructuring of the management at the Cowes-based team.