Founder Craig McCaw spared no expense recruiting a multi-national team, but ran into financial strife before local businessman Paul Allen - of Microsoft fame - came to the rescue.

Then, in August, the bid was docked one competition point by the America's Cup Arbitration Panel for being in possession of design secrets from another team.

Prospects look better now, however.

Australian-born Peter Gilmour heads one of the most impressive sailing squads ever assembled and can call on the experience of a host of Cup veterans and Olympians.

Gilmour is a four-time Cup veteran and three-time match-racing world champion.

He helmed Kookaburra III, Australia's defender for the 1987 Cup, and five years later was at the helm of Spirit of Australia.

For the next two Cups he went to Japan, coaching their Nippon Challenge team in 1995 and helming in 2000.

The design team is similarly high profile with Laurie Davidson, Phil Kaiko and Bruce Nelson likely to produce a speedy craft.

Verdict: A good bet for the Louis Vuitton semis.