Headed by shipping owner Vincenzo Onorato, the team trained off the Mediterranean island of Elba using the Spanish boat from the 1999-2000 America's Cup, Bravo Espana.

In March 2002, the team bought the 1999 Stars & Stripes from OneWorld for their final preparations in Auckland.

Onorato is officially the syndicate skipper as well as its boss, but he is likely to hand the steering duties over to talented young sailor Paolo Ciann.

His main concern, though, is time.

The syndicate has only been established for around 20 months, which gives it a major disadvantage when compared to the other challengers.

With an extra year Onorato feels he could have built two new generation boats.

As things stand, limited opportunity to test and modify their equipment could cost this second Italian bid dear.

Verdict: The Challenger series has come too soon.