Sailing: American billionaire Larry Ellison set to announce World Series of Sailing

American billionaire Larry Ellison is thought to be behind a world series sailing competition. Photo / Oracle Team USA

The sailing world is swirling with rumours that American billionaire Larry Ellison is poised to announce a "World Series of Sailing" event.

The proposed series is believed to have events at several venues around the world with a spectacular trophy on offer from French fashion house Louis Vuitton.

LV was a major sponsor at the America's Cup in Bermuda this year, in which Team New Zealand lifted the Auld Mug from Ellison's Oracle syndicate.

The website Scuttlebutt Sailing News has it that teams from the United States, Japan, France and Sweden are already committed to the event.

Two-time America's Cup winner Ernesto Bertarelli, whose Alinghi syndicate, with a host of New Zealanders involved, lifted the cup off New Zealand in 2003, is tipped to be at the head of another entry.

It's anticipated the first round would be held in Bermuda, given that many of the cup syndicates retain facilities there.

Ellison oversaw the change in cup racing to the 50-foot hydrofoil catamarans this year.

The same boats would be used for the world series, and spectator friendly courses are anticipated.

The idea of them was to produce a heightened sense of excitement for international television and test crews to the limit.

That philosophy remains in place for the proposed new series.