Paul Cayard doesn't figure to be idle for long. He already has a couple of ventures in mind, including a "new global event in sailing" he plans to create with New Zealander Russell Coutts, the most successful skipper in America's Cup history.

"It would be a pretty big scale of boats -- 80-footers -- on a commercially-sponsored circuit of racing at six or eight different venues around the world, and Russell and I would skipper a couple of the teams," Cayard said. "We hope to get it going by 2006."