After the Tracy Edwards' Oryx Cup directly inspired by The Race, the America's Cup could come under threat from a new event being proposed by two of its best-known competitors.

New Zealander Russell Coutts and American Paul Cayard are believed to be close to finalising details for the creation of an international sailing event aimed at attracting the world's best sailors and a massive television audience.

The proposal is for the establishment of a fleet of extreme high-performance yachts built to an identical design that will compete for a major prize.

The event the pair is formulating involves fleet racing one-design yachts similar in length to the existing America's Cup yachts, about 24m (80ft). But that's where the similarity will end.

The new boats will move into the next generation of performance sailing. It is proposed that they will be created along the lines of the radical and extremely fast monohulls that race on Italy's Lake Garda. They are planned for a crew of only 10 or 12 with a significant number suspended over the side from trapeze systems to enhance stability.

In being identical one-designs, the cost of entry to this competition will be considerably less than the $100million-plus required to enter the America's Cup. And with all the hulls being the same, the racing promises to be close and exciting.

It is understood that the initial backer for Coutts and Cayard is New York-based, but it's likely the money to launch it will come from the Middle East. Financiers in both Bahrain and Dubai have been eagerly courting the pair.

If plans continue on their current course, the announcement of the event could come within the next two weeks. However, although both men have left no doubt that something is developing behind the scenes, they are keeping mum on details.