Challenge in the year 2000? Certainly, if local businessman and avid sailor Francis Carter has his way Bermuda will have a pair of high-tech yachts primed and ready to compete against 11 rival challengers in Auckland, New Zealand, for rights to sailing's most cherished trophy.

In a written statement obtained yesterday by The Royal Gazette , Carter asked Bermudians to voice their support for presenting an entry, noting the competition as fertile ground for the Island to promote itself around the globe.

Reached yesterday, Carter confirmed the document will appear as an advertisement in Wednesday's Royal Gazette but declined further comment.

"For centuries Bermuda has been a sailing destination. Now it is time for Bermuda itself to set sail for the America's Cup Millennium Challenge,'' the ad reads. "If Bermuda is serious about its growth and development in the coming century, there is simply no better way to show our flag than participation in the America's Cup Challenge...'' Still, to race a yacht you need a helmsman and design team. And Carter assured, without revealing any names, that one of the world's most experienced and successful America's Cup yachtsman and a top designer had already agreed to move to Bermuda and build two boats as well as train Team Bermuda for their first challenge.

However, there remain a few gaps.

First is the issue of money: The cost of a challenge is estimated to be in the region of $15-30 million, with 40 percent of that needing to come from local coffers. The remainder is said to have already been subscribed.

Second, funding must be secured by February 27, taking into account that the competition commences on that date in the year 2000 and America's Cup rules require any helmsman to have been resident of the country he/she represents for a period of three years prior.

Carter, though, was adamant that any amount spent would be recouped and that neither Government nor the public should be scared off by the figures.

"Our funds will not be an expenditure, but an investment ,'' continued the statement. "The act of challenge alone will return the value many fold. There is simply no greater opportunity for the promotion of Bermuda as a tourist destination, a sportsman's paradise and an Information Age Financial centre for the international business community''.

"World-wide television coverage of the America's Cup series and the Bermuda Challenge will extend for five months. International sports, daily press, magazine and Internet coverage will be prolific preceding, throughout, and following the period.

"One could not buy the amount and quality of attendant publicity for twice our funding responsibility.'' Also highlighted was the possibility of increased visitor arrivals and media coverage during the building and testing phase, further enhancing the local economy.

Of course, all would be further magnified if Bermuda actually won, but would Bermuda even have a chance at such? Again Francis answered in the affirmative.

"The proven talent already organised for this effort will make the Bermuda entry one of the strongest in play. Add the fact that sailing is virtually a Bermudian birthright, and our credibility is unquestionable.

"We must undertake this challenge.'' But who to provide the cash? The corporate community is obviously one avenue and last ditch appeals have also been made to the Departments of Tourism and Finance, which reportedly are considering the advantages and disadvantages of the venture.

Team Bermuda versus reigning champion Russell Coutts and Team New Zealand in the finals, could it be more than just a thought?