Team New Zealand is a remarkable organisation. It ought to have disappeared, quietly, years ago. First, after the wholesale walkout of its brains trust after the triumphant 2000 home defence of the America's Cup and the subsequent death of its inspiration, Sir Peter Blake.
Then after regathering itself but suffering humiliation in 2003 when it lost the Cup 5-0 to Alinghi on the Hauraki Gulf. Then after rebuilding again but coming up short in the brave, brilliant but excruciating loss of the Cup match against the slightly superior Swiss in Valencia.
Each time, a less spirited organisation could have folded. Each time, the prospects of carrying on, let alone having a real chance of regaining the Cup, seemed to become more remote in the face of billionaire opponents, rising costs, new rules and now a whole new form of sailing in high-tech catamarans. Yet each time, Team NZ had enough character and ambition to rise to the occasion.
And here we are. Back on the start line of the America's Cup in San Francisco, against Larry Ellison's Oracle.