KEY POINTS:
Russell Coutts' contention that he could be interested in a defender series in Auckland with a second Kiwi America's Cup syndicate should not be dismissed.
Coutts has moved his family back to New Zealand, has bought properties and cars in Queenstown and Whangaparaoa and is understood to be keen to make a life in New Zealand again after all the ructions caused by his defection to Alinghi.
While a defender series would be contingent upon a whole raft of issues being solved - not least of all Team New Zealand winning the current America's Cup - Coutts is apparently keen for something that would again anchor him in New Zealand while allowing him to pursue business interests overseas. He has an attractive BMW Oracle offer in front of him but is waiting to see what his best option might be.
"He is keen to get back to New Zealand and he didn't like what happened after he went to Alinghi [the public backlash]," said a source close to Coutts. "He's basically a good guy and New Zealand is home."
Coutts made the defender series comments in a television interview after the Herald on Sunday revealed that Coutts had been in talks with Oracle chief and billionaire Larry Ellison about heading up the next BMW Oracle challenge.
It is understood a deal has been agreed between Coutts and Oracle but no contract has been signed.
In the interview, Coutts said he still had other offers on the table but also floated the idea of a defender series in Auckland involving a second Kiwi syndicate, should Team New Zealand win the 32nd America's Cup at Valencia this week.
A defender series has long been mooted - right back to the Sir Peter Blake days - but is dependent on more than a few matters. Firstly, Team NZ have to win in Valencia.
Secondly, the defender - any defender - may find it difficult to agree to a series which has the potential for them to lose the Cup even before it gets to the America's Cup match against the best challenger.
Thirdly, money has always been an obstacle for anyone wanting to set up a defender series. More boats and crews equals more money and New Zealand has few individuals or companies willing or able to bear the brunt of a multi-million dollar campaign where the medium-range challenges cost about $90 million.
However, if anyone has the clout to get another Kiwi syndicate going, it is Coutts, said the sources, especially after the almost unprecedented interest in the current Cup.
Government money would be key - as it has been for all Team New Zealand challenges, right back to the original 'Family of Five'. But many observers figure the Government has had a good return on its $34 million investment in this America's Cup.
The overseas exposure, plus four years' taxation of high salaries and GST on equipment built and bought in New Zealand must add up to a significant return.
Even if Team NZ do not win the Cup, Coutts could be interested in mounting another challenge.
The likelihood is that Team NZ will re-introduce nationality rules, meaning all or most of the crew must be nationals of the country they are representing.
That would mean a lot of good Kiwi sailors out of a job - and Coutts would have a ready market for a crew.
But a boat and the money to run it would be another issue and may be a bridge too far for Coutts at this stage.
So the smart money may still be on Coutts joining BMW Oracle, as they have the potential to produce fast boat. There is also still a strong feeling around BMW Oracle headquarters that, with the right skipper and crew, it could have made the final and done well in the current conditions off Valencia.
