KEY POINTS:
The America's Cup has gone through some big changes in Valencia, but if it returned to Auckland there could be even bigger changes in store.
There's no denying the America's Cup Port in Valencia is magnificent. The bases and buildings are breathtaking and the creation of the canal means the boats are just a 10-minute tow from the north course.
And not only has the cup in Europe opened new commercial doors, it has also allowed fans and sponsors to fly in from throughout Europe and take in a weekend of racing.
Eleven challengers and the defender, Alinghi, came to Valencia.
Entering for the first time were China Team, South Africa's Shosholoza and United Internet Team Germany. Nine challengers and the defender competed in the last America's Cup in Auckland, in 2003.
But what if Team New Zealand were to beat Alinghi and bring the Auld Mug back to Auckland?
Many pessimists believe it would be disastrous for an event which is just finding its feet in a whole new world.
Valencia has spent nearly $800 million on the extravaganza. The Spaniards may have set the benchmark but whether it is financially possible for any city in the world to replicate their achievement is difficult to say.
It's hard to believe there are too many cities that could pour as much money into the cup.
If they won, Team New Zealand would first have to find a challenger of record to represent the challenging syndicates and then decide where and when the event would be held and in what type of boats.
A possible challenger of record could be the new British Challenge Origin, headed by Sir Keith Mills and run by New Zealander Mike Sanderson - for no other reason other than Sanderson has close ties with Team New Zealand, having sailed with many of its members.
With the Hauraki Gulf on its doorstep, Auckland is the logical place to host the event - it's New Zealand's biggest city and an easy destination for international travellers.
Auckland Mayor Dick Hubbard says the Viaduct Harbour is still a possible venue despite new apartments going up on the site of some of the former syndicate bases.
He says plans already exist to extend the Halsey St wharf to accommodate sailing teams. The waterfront at Queen's Wharf is also under consideration should the cup return to Auckland.
Another option could be to base the teams at Gulf Harbour, but problems there would be its distance from the city and accessibility to the public.
If the cup does come back to Auckland, the next challenge would probably take place in four years, simply because it would take that time to get the base ready.
Although the International America's Cup Class boats are outdated and need to change, it seems unlikely that would happen for an Auckland-based cup. Yacht designer Brett Bakewell-White says the present boats have been used since 1990, but there is an ongoing debate about whether to upgrade to faster and larger boats, such as supermaxi offshore racing yachts.
"They achieve much higher speeds and that is what a lot of spectators want. But from the purists' point of view, slow is better because it encourages a closer race."
Former America's Cup winner Russell Coutts and expatriate New Zealand designer Bruce Farr would like to see a new design but others, such as Desafio Espanol tactician John Cutler, do not.
Cutler's concern is that a new class of boat would be more expensive and make the 100 cup boats now in existence obsolete.
It would also cripple fledgling teams such as China Team and Shosholoza who have already invested heavily in the present class.
If Team New Zealand win the cup they will also have the power to reintroduce nationality rules - something Alinghi abolished when they won.
It is in Team New Zealand's best interest to do so, as it would make it difficult for teams such as Alinghi and Oracle, but a 70 or 80 per cent nationality rule might be a better option.
The difficulty with the nationality rule is that so many New Zealanders are involved in the event.
By going back to the 100 per cent nationality rule, Team New Zealand would make it tricky for their own countrymen to secure jobs.
But bringing back the nationality rule could also increase the fan base. At the moment teams such as Alinghi, Oracle and China, with their mishmash of nationalities, fail to create much national interest.
Team New Zealand and the likes of Mascalzone Latino and Luna Rossa, both strongly Italian, are hugely popular in the countries they represent.
So if the cup did come back to Auckland and Team New Zealand were to impose some sort of nationality rule, who would we expect to see join the challenge?
Sanderson has said that Origin would be mostly British, so that is one team.
South Africa's Shosholoza, Spain's Desafio Espanol, Italy's Mascalzone Latino and Luna Rossa also have strong nationality links and provided they find the money could take the total to five.
In the last cup in Auckland three American teams lined up - Stars and Stripes, Oracle and OneWorld.
There are plenty of good American sailors around and enough money within the United States to see one, perhaps two, teams come to Auckland.
Oracle boss Larry Ellison is sure to keep chasing his cup dream.
China Team have said they are keen to go again and in this cup have introduced a number of Chinese sailors, which could be enough to see them mount a challenge on their own.
That makes eight. Germany and France both competed in Valencia. Both were multi-national teams and underfunded so it is difficult to see them competing in Auckland.
But France have a long history in the event and plenty of good sailors. Maybe the lower cost of living in Auckland could see them return. That's nine teams.
The cup's return to New Zealand could spark Australia's interest.
They have sat out the last two America's Cups, but with a cluster of quality talent around, including James Spithill, Grant Simmer and Adam Beashel, and a wealthy backer, they could make a welcome return to the game.
Other countries in which there may be interest are Korea, Malaysia and the Middle East.
The inclusion of an Australian team and one other would take the total to 11. Which is plenty.
The pre-regattas, introduced in this cup, have been a huge success.
Not only have they given sponsors more leverage on their investment, they have also allowed cup fans in countries such as Sweden and Italy to get close to the racing.
New York Times yachting writer Christopher Clarey believes the regattas may be vital if the cup does return Downunder.
"The concept might also help boost the commercial prospects of another cup in New Zealand, because it would allow sponsors a larger shop window before the cup returned to the purer, remoter waters of the Hauraki Gulf."
There could be a series of regattas in Europe, Dubai and the United States, leaving the challenger series and America's Cup for Auckland.
So with 11 potential challengers, pre-regattas around the world, the cup returning to Auckland doesn't sound unrealistic. The cup village could never be on the same scale as Valencia's, but sailors here have often been heard saying the bases are too big anyway.
Sure, the Hauraki Gulf is a tricky venue and delays will occur. But that's yachting. Valencia's wind patterns didn't exactly live up to expectations to start off with, either.
And people genuinely like Auckland. If you had a dollar for every person who said they hope the cup comes back to Auckland - and these aren't just New Zealanders - you'd probably be able to fund your own challenge. That is saying something.
