"It is true that Paul and I have been talking about doing something new", Russell Coutts said. "I am not entirely sure about what that format should be right now, but we're working through it. Once we get to a stage where we have a clearly defined thing, we will probably make that public."

The rumours are that the Kiwi/American's new international event will be an alternative to the America's Cup. But the world class sailor denies that.

"We are definitely not thinking of doing any event that would try to compete with - or that you could compare with - the America's Cup", Russell Coutts said. "If we do something, it would be entirely different. I think the America's Cup is a great event. It is moving on and has been there for 150 years. It will always be there."

Coutts intimated that a new event is not his only possibility, if the separation from Alinghi succeeds. At the moment he is considering several ideas with possibilities ranging from the Olympic Games to Volvo Ocean Race or match racing on the Swedish Match Tour.

The new situation means that the America's Cup is likely to continue without the greatest ever America's Cup skipper in history. But Coutts has no regrets.

"I have been in the Cup game for 15 years or so", Russell concluded. "And the sport is so much bigger than the America's Cup. I have been in such a narrow and defined field for such a long time - maybe it's good to change track now."