The 2006 racing season for the 32nd America’s Cup began in Valencia this month with Louis Vuitton Act 10, a match racing regatta, where the overriding theme was renewal.

The new Port America’s Cup was on display, with team bases ringing the Superyacht pier. To the east, the new canal leading to the race course, the entrance dominated by the new Veles e Vents building. Behind the building, the all new public area at the 32nd America’s Cup, the America’s Cup Park.

On the water, three of the ‘big four’ teams were racing new boats for the first time: Emirates Team New Zealand (NZL 84), Luna Rossa (ITA 86) and BMW ORACLE Racing (USA 87).

On the race course, the intrigue built to the point that on the penultimate day of racing, a winner emerged from a four-way tie at the top of the table.

The American BMW Oracle Racing team won Act 10, its first Act win since 2004 in Marseille, with one point clear, their only loss coming to Alinghi.

Before the regatta, BMW Oracle skipper Chris Dickson said he felt USA 87 was the most innovative America’s Cup Class boat ever built. As the week progressed, many would agree with him.

"It looks like they are able to accelerate very quickly," said Santiago Lange, crewman aboard Victory Challenge. "“When we’re sailing close we are able to see a lot of little details in their trim and how they set up the boat."

Just behind, equal with 9 - 2 records but emerging from the tie-break in the following order, were Luna Rossa, Emirates Team New Zealand and the Defender Alinghi, its fourth place finish the worst result the Swiss team has posted in the Louis Vuitton Acts to date.

Alinghi was the only team, however, not to be racing a new boat. "We just went out there to sail at our best. Obviously it was exciting to sail against the new boats and as always it was a challenge to bring our skills up," said Alinghi helmsman Ed Baird. The Defender has its new SUI 91 in the boat shed and the team will doubtless be calculating whether what it has can beat what it saw from the others.

"It doesn't seem that anyone has jumped out and got substantially faster than anybody else, but that's only one wind condition and they've only just got in their boats," Baird said.

Further down the table, the home Spanish side, Desafío Español 2007 had a mixed regatta. It won its last match over Victory Challenge to claim fifth place, and it knocked off Luna Rossa, its first win over one of the big four.

But the team failed in its goal not to lose any matches to teams below it on the standings, as the Spanish fell to Shosholoza and Areva Challenge.

The South Africans continued the improvement hinted at in Trapani last year. Their eighth place finish was their best match racing result, as was the four wins they posted.

Of the three Italian teams, Luna Rossa had its best match racing Act finish, in second place, and it also beat some of its brethren in the ‘big four’ for the first time with wins over Alinghi and the Kiwis, who will be disappointed that more gear failure contributed to their two losses.

Mascalzone Latino – Capitalia Team beat all the teams below it on the standings and put in a great performance in a loss against Alinghi, but wasn’t able to claw into any teams above it on the standings. But skipper Vasco Vascotto wasn’t impressed by the new boats he saw.

"Alinghi continues to be the benchmark," he said after his final race. "This means that the strongest teams have already thrown away a new boat just to get to where Alinghi was. This is good news for the smaller teams that will only build one boat."

The third Italian team, +39 Challenge, struggled through the winter by emerged to compete down to the last race against BMW Oracle Racing. The team had some good moments, but desperately needs a new boat to compete in the light conditions off Valencia. But skipper Iain Percy says the races are an opportunity to learn nonetheless.

"You’ve got to make your weather calls, pick your right side, then you one-tack up and make the cross – normally," he said. "Of course you’re not going to do that when you’re 3/10’s of a knot slower, but we got to sail BMW Oracle Racing today. You still learn from that."

After its tremendous success in Trapani, this was a difficult event for Areva Challenge.

"We missed precious training time (beginning only 18 days before the regatta). But the positive point is that we now will be able to progress on the sporting level thanks to the time that we will spend on the water," skipper Thierry Peponnet said.

"All the teamwork before this Act was very important. There was a very good level of focus and everyone worked hard. The prospects are excellent for the future, especially when we receive our new boat."

For the United Internet Team Germany, Louis Vuitton Act 10 was an eye-opener. Skipper Jesper Bank is worried at what he’s seen.

"I am really surprised at how much New Zealand and BMW Oracle have improved from their last boats," he said. "I just wonder if we're only catching up to the level that they've already left… I think we might be left behind, that's what I'm afraid of."

China Team was the squad that struggled the most this time around in Valencia. The team didn’t earn a point and was often beaten badly.