The GGYC announced it would agree to comprehensive new compromises to get the America’s Cup back on track for Valencia in 2009 ... if the defender will disclose its rule for the boat's design.

"We are looking forward to putting this dispute about the rules behind us and racing for the America’s Cup in 2009 in Valencia as planned", Larry Ellison, syndicate head of the club’s America’s Cup team, BMW Oracle Racing, said today . "That’s what we want, and that’s what all the challengers want. But it is impossible to accept a design rule that we have never seen."

The American team has told challengers it is ready to agree to wide ranging new proposals discussed over the last 24 hours if it can confirm for itself that the design rule developed by Alinghi is fair for all competitors.

Coincidence or Consequence? ACM published a statement today explaining that, with the continued aim of organising the 33rd America’s Cup for 2009 in Valencia with pre-regattas in 2008, a Competitors Meeting took place this morning to continue work on the Class Rule.

According to ACM, at the end of the meeting the competitors left with a complete draft of the Class Rule and further meetings have been scheduled over the next few days in order to finalise this document and comply with the 31st October deadline for issuing the Rule.

"For the competitors and AC Management this is a fundamental milestone and the focus of all our attention", said the statement. "As organisers of the 33rd America’s Cup we certainly welcome any other challenger to come and join the process for the last few days of Class Rules development and for the consultations on the competition and event regulations".

The time to come to an friendly agreement ?