That's it. Millions of dollars, thousands of man hours and many months of sailing later and the 31st America's Cup is being brought to Europe for the first time in its 152-year history.

Switzerland's Alinghi, led by the controversial Russell Coutts, wiped the proverbial floor with Team New Zealand, leaving a nation shell-shocked and skipper Dean Barker devastated.

Hardly had the infamous 'hula' appendage time to vibrate millimetres from its hull before a catalogue of disasters exacerbated Team New Zealand's trailing performance.

In part, the cup had been won well before the racing had started. Though strongly denied, it had essentially been a chequebook win.

With TNZ left licking its wounds this week, Auckland's mayor pledged funds to help springboard a campaign to retrieve the Auld Mug back from Europe next time round.

As the post-mortem goes on the new shape of the America's Cup is being moulded. The protocol agreed between the defending club and the first club to issue a challenge, that being the San Francisco-based Golden Gate Yacht Club, represented by Oracle BMW Racing, is being dramatically reworked. Anticipated to take place in Europe in 2007 the event will undergo key changes. Top of the agenda are nationality and boat performance information issues.

Nationality rules will be scrapped leaving the path open for the cross pollination of teams. Old technical information up to and including the just-competed cup regatta could be sold until October 2004 so as to bring syndicates on to a more level playing field.

The regatta will also be managed by one organisation with an independent race management committee and race director.

With their years of experience Coutts and his fellow afterguard said one aim of the changes was to promote a competitive regatta for all competitors. Another was to encourage the worldwide growth of the America's Cup. "We haven't gone and changed everything," he said, "but we have allowed for some innovations that we think are going to make this an even better event."

The regatta venue, to be announced by December 15, 2003, will undoubtedly take into consideration sponsorship lures and the appeasement of virtual spectators. "Ideally we want to find a venue that has consistent weather conditions so we can plan for live television," Coutts continued.

"We can plan a schedule of races much the same as many other sporting events."

Coutts said his personal vision was to create something similar to Auckland's Viaduct Harbour, but also have the crowd on land close enough to experience the action on the water.

A series of annual regattas are being planned as a lead-up, beginning in San Francisco later this year, with the rest in Europe.

Hampshire's Andy Beadsworth is spearheading a local team honed from key GBR Challenge members setting the momentum for a future British campaign.

Meanwhile, back on the Solent and as the dust begins to settle on the event, Cowes - host of the inaugural challenge - is considering a bid to hold the 2007 competition after landlocked Switzerland won the supreme yachting trophy at the weekend.

Leader of the Isle of Wight Council Shirley Smart said: "Contact has been made with the winners to try to get a deal to bring the Auld Mug back home. We would love to attract it back to the Island. It's the home of the competition and it would put the Island on the map."

She added: "I know inquiries are being made and we have contacted the Swiss."

The council is now entering into talks with the Royal Yacht Squadron to put in a formal bid. The squadron have already said they are keen to hold the event.

A 'Solent challenge' bringing on board the bigger neighbours of Southampton and Portsmouth would of course be needed to assist Cowes in the logistics. If this did become a tangible option then numerous local, as well as national businesses, would surely wish to throw a line by way of a contribution.