KEY POINTS:
Team New Zealand are seeking compensation from Alinghi owner Ernesto Bertarelli for the postponement of the America's Cup in 2009.
The Daily Telegraph reported yesterday that the team are chasing losses of $32 million if the America's Cup is put back to 2010, and up to $50 million if it is 2011.
In a statement to the Weekend Herald, syndicate boss Grant Dalton said: "Before Emirates Team New Zealand entered the 2009 America's Cup we sought from Ernesto Bertarelli the security of a side agreement that the event would indeed be held in 2009.
"Bertarelli was adamant the cup regatta would go ahead as scheduled and entered into a binding agreement on July 25, 2007."
Team New Zealand entered into the contract so they had the assurance they needed to plan for 2009, while for Bertarelli the agreement ensured another entry for 2009.
Following the announcement from AC Management last week that the America's Cup had been postponed, Dalton wrote to Alinghi demanding compensation. His move came just 24 hours before the ruling in the New York Supreme Court in favour of Larry Ellison's Oracle.
Oracle had argued that Alinghi had chosen an illegitimate team, Desafio Espanol, as its "challenger of record" and set rules for the next Cup that were unfairly weighted in the Swiss defender's favour.
The ruling means there is still a chance that the regatta could go ahead in 2009, and Dalton said this was now in the hands of Bertarelli. "All challengers including Oracle are still adamant they want an event in 2009.
"This can be achieved easily now as a result of the New York Supreme Court decision in favour of Oracle. The decision allows for a mutually agreed document as the basis of the next America's Cup."
Such a document has already been formulated in a meeting between Oracle and the rest of the challengers last month. The syndicates produced a nine-point plan that pushes for a traditional multi-challenger regatta in Valencia in 2009.
Under the agreement, the event would still be sailed with the new class of bigger boat, dubbed AC90.
"None of the nine points in this document can be construed as onerous for Alinghi," said Dalton.
If there is no compromise, a one-on-one series would be held next July between Alinghi and Oracle.
This would almost certainly mean the cup would be pushed back to 2010 or 2011 depending on the winner of the duel, although Oracle have always indicated a one-on-one battle would be a last resort.
