As the other europeans do, the Italian syndicate reserves its position till the end of the America's Cup.

"Never again," said Luna Rossa challenge boss Patrizio Bertelli after the last America's Cup, when all his investment left him farther from the Cup than his first campaign.

But Luna Rossa was again here in Valencia, and though James Spithill and his crew were harshly dispatched by Emirates Team New Zealand 5-0 in Louis Vuitton Cup final, the overall outcome painted a pretty positive picture.

Especially after all the joy his team brought him in its semifinal upset of BMW Oracle Racing, it now appears very possible Bertelli will do again for the next edition.

"We have to see if the next America's Cup takes place in Europe or in New Zealand", Patrizio Bertelli said cautiously. "Depending on the venue, the costs of the adventure and the time of preparation are not the same at all".

Bertelli is now an established part of the Cup's scenery. This is his third straight challenge for sailing's most prestigious prize, and though it is still not his full-time occupation, it remains his obsession.

"The America's Cup is not logical," he said. "It's the utmost expression of something that's not rational and maybe that's why it's so appealing to everybody."

Even if he refuses to commit without having thought carefully, Bertelli has strong ideas about the Cup's future. In particular, he is against staging it in two years time, preferring the longer, traditional cycle.

"Two years would take a lot away from this sense of adventure and of the feeling of an exceptional event," he said, underlining that the Cup needs to re-emphasize competition over commercialism.

To that end, he believes the preliminary regattas ("the Acts") that were introduced this time to help spark interest and sponsorship should continue but should serve as a qualifying process for the Vuitton Cup.

"Sift out eight or 10 challengers," he said. "That would draw a lot of interest, because it would mean the Acts aren't just a promotional thing. They would be a true sporting event."

Above all, he wants the challengers to regain more control over their own regatta, which is being run this time by America's Cup Management, an allegedly independent entity created by the defender Alinghi.

"It's O.K. to have an umbrella organization"; he said. "It makes a lot of sense, but it shouldn't be managed by the defender".

Becoming the defender would certainly make it easier to implement his ideas, but Bertelli seems stuck in challenger mode.

"We're building things brick by brick," Bertelli said. "Remember, it took four campaigns for Team New Zealand to finally win the America's Cup."