Rumors has it that an Australian America's Cup challenge is currently underway for the 33rd America's Cup.

Despite a great deal of time and effort by two teams (C7 & OzBoyz Challenge) to prepare for the last America's Cup, the 32nd edition was the second America's Cup in a row that Australia missed.

In 1983, Australia II at last unbolted the America's Cup from the New York Yacht Club trophy cabinet. But too soon the America's Cup excitement faded in Australia.

The weak defence in Fremantle saw Denis Connor take the trophy back to San Diego. Australian hopes rose momentarily when the hero of '83, John Bertrand returned with One Australia. His chances looked really good, right up to the moment when his best boat and the campaign literally fell apart.

After that, the public's passion for the Cup turned to apathy. Media coverage and sponsorship dollars dried up. Australia seems to have blotted the America's Cup out of its mind like a bad romance.

In 2000, Syd Fisher, a veteran of five America's Cup campaigns, planned a poor attempt when the skipper of his Young Australia campaign, James Spithill, walked out to work for an American.

Now, the project’s board of director has been in discussion with leading Australian corporations and with some of the best sailors and yacht designers in the last couple of months. They are believed to be very close to finalizing funding and logistical arrangements required to mount a challenge of the size and expense required.

Although there has not been any formal announcement yet, it is believed that further information will be released on 26 September, a date chosen to coincide the 24th years of the Australian victory.