The Sports China website reports that a China challenge have put together a tycoon budget to buy and run an America´s Cup team for the 2007 event in Valencia.

It's reported that the proposed China challenge had $50 million to purchase an existing team, a $25 million budget for new boats including one to be built in China and $80 millions for the syndicate expenses.

With several syndicates competing for what would be a single national challenge the reports indicate that a European team is the target.

With GBR Challenge said to be considering an offer from the German Fresh 17 syndicate, French team Le Defi are the obvious next choice, they have two boats and one stripped hull available.

Rumours have been doing the rounds for months on the internet, that China would challenge and that staging the 33rd Americas Cup in China was the end object.

If Alinghi win again the bidding for host city would be opened and the Cup go to the city that puts together the best finacial package, as the AC moves into an F1 style money rules scenario.