More than ever, the key factor governing the 33rd America's Cup will be the capacity to manage the time.

"The key reason [that Team NZ had entered the next America's Cup] is that it allows us to be involved in the design process for the new class, which is a very good incentive", said Dean Barker. "Certainly this time compared to over previous Cup campaigns we don't have the breathing space to sit there and figure whether we're able to get going by October (when the new rule is announced). You have to be underway now".

"Last time we had over a year from the time we lost in 2003 until the time we were set up to go again", he added. "And, yet we were still able to catch up enough to get through the Louis Vuitton Series This time we just don't have that time available and need to start building the new boat early next year".

Less than a month after failing to win back the America's Cup, about 70 Team New Zealand members are back at work, planning their next assault on international sport's oldest trophy.

"It allows us to bring core people straight back on board," said Team NZ director of sailing and operations Kevin Shoebridge. "Some of the 125 people we had involved in Valencia are on a break, others are sailing in regattas around the world but a lot are already back here working".

Despite several offers from rival syndicates, and the spectre of Russell Coutts wielding the massive cheque book of Oracle's Larry Ellison, just about all of the team's top crew have climbed on board for another tilt.

Team New Zealand strategist Ray Davies had signed up as skipper of Mean Machine in the round-the-world Volvo Ocean Race. But Davies' team's misfortune has turned into Team New Zealand's luck.

"Within six weeks this building will be full of designers. Maybe around Christmas we will get a few days off", said Shoebridge who is not discounting changes in personnel.

"We have to get some fresh blood and thinking," he said. "There could be some new faces."

The number of crew members is likely to rise, from the 17 used on the 77ft Version 5 yachts (which drew 4.1m) to 20 or 21 on the 90ft boats, which will draw 6.5m.

"They will have a much bigger sail area, be a lot faster and more hi-tech," said Shoebridge. "They will probably need another two grinders."

Several Kiwis in the Oracle syndicate now face an uncertain future. The team who sail under the Golden Gate Bridge Yacht Club banner had as many as 50 New Zealanders involved in the last campaign, including several big names - Chris Dickson, Gavin Brady, Rod Dawson, Robbie Naismith and Craig Monk - in the sail team.

But under new boss Coutts that could all change, with former team-mates from Alinghi and Team New Zealand, plus several other teams.

The short lead-in time - 19 months from the time the design rules for the new class of boats for the 33rd America's Cup are released on October 31 until the start of the challenger series in May 2009 - means the design teams will be under pressure to quickly "get it right".

The short turnaround should favour established challengers such as Team NZ.

"It is unlikely, given the time constraints, we will see any new challengers apart from the British in 2009," said Shoebridge. "It took us 18 months to put this team together."

Team NZ hope to be ready for tank testing by the end of the year but Shoebridge remains coy on where, apart from saying it will not be in New Zealand. He says Team NZ will aim to have the first of their new boats in the water less than nine month after the specifications are revealed.

A start is likely to be made on the second boat before the first is launched.