KEY POINTS:
Several syndicates have reservations about their involvement in the next America's Cup if Team New Zealand win and the Auld Mug returns to Auckland.
The America's Cup in Valencia attracted 11 challengers, including first-time participants China Team, Shosholoza from South Africa and United Internet Team Germany - two more than competed in Auckland in the 2002-03 regatta.
While all the challengers in Valencia have indicated they are keen to continue, some are not so sure it will be possible if the competition returns to New Zealand.
Desafio Espanol president Agustin Zulueta said after his team's elimination from the challenger series that his team's main sponsor had already decided there will be a Spanish challenge if the cup remains in Europe.
"The question is, if the cup goes to New Zealand," Zulueta said. "New Zealand is a very good place. I was living there when the event was there in 2000. But, obviously, there are not too many Spanish companies interested in going there in terms of a return on their investment.
"However, Desafio Espanol, on its own, will try and go to New Zealand if that is the case."
Ralph Dommermuth, the founder and chief executive of one of the German team's main sponsors, told his home country's media that, if the cup stays in Europe and they are satisfied with the team's performance, they would like to try again.
"If it goes to New Zealand, we can't go on," he said.
However, he hinted, the syndicate could find other sponsors who may be more interested in the New Zealand market.
With several German sponsors, Shosholoza, South Africa's first challenge, have also hinted it could be difficult for them to continue if the regatta comes to New Zealand.
The return of the Cup to Europe for the first time in 154 years was seen as a new era for the sport - opening new avenues for commercial sponsorship.
Pre-regattas, or Acts as they are known, were introduced to try to give sponsors more leverage.
While it is too early to contemplate what Team New Zealand would do if they win the cup, it is pretty safe to assume they would continue the pre-regattas. They have been a tremendous success.
Not only have they given sponsors more exposure, they have given fans in countries such as France, Sweden and Italy a close-up view of America's Cup yachting.
There is no reason why Team New Zealand would not hold some regattas in Europe in the lead-up to the next event. If that happened, then it might encourage some sponsors with an interest in the European market to stay involved.
But, until a winner is found in this event, a number of teams' futures lie in the balance.
For Desafio Espanol, who gained the hometown advantage when Alinghi chose Valencia as the venue, their support lies with the Swiss defenders. Although America's Cup Management have said Valencia would not necessarily host the event again if Alinghi win, there is a firm chance it might. Especially if Alinghi decide to hold the next defence in two years' time, rather than the traditional four.
Expectations of the America's Cup staying in Spain strengthened recently as the leaders of both the local and regional governments were returned with increased majorities in the local elections. There are also plans for a Formula One grand prix around the America's Cup harbour in Valencia from the end of 2008, thus bringing two major events into close proximity with each other.
"We have to hope that Alinghi wins so that the cup remains in Valencia," Zulueta said. "It would be great if the next America's Cup takes place here."
For more from Valencia, go to www.desktoptv.co.nz
