The bad? A title sponsor has yet to be found, which could mean a scaled down version of what is arguably the world's most renowned annual match racing event.

Chief organiser Scott MacLeod and commodore of host Royal Bermuda Yacht Club, Tom Miller, yesterday revealed that there would definitely be a Gold Cup in 1997, but were cautiously optimistic as to whether they would be able to land a company willing to foot the bill for title sponsorship.

"As far as the club is concerned we will be having an event,'' said Miller.

"(But) it would have to be seen at what level we could do it.'' Meanwhile, MacLeod, who heads New York-based Sail Sports International, which organises several premier match racing events around the globe, continues to work feverishly at finding sponsorship.

He said that three unnamed international companies are currently studying "details'' regarding joining ranks with the Gold Cup.

Coming aboard would require the sponsor to provide in the region of $350,000 annually, with organisers seeking a four-year pact.

"We're getting there, we're pretty close,'' said MacLeod from his New York office. "We've gotten pretty good response and basically I'll know something in the next two weeks.

"The whole sponsorship game is very difficult and getting sponsorships for an off-shore locale like Bermuda is a very hard sell. But we've made good inroads with a few companies -- two American, one European -- and are pretty close.

"Our supporting sponsors are all in place, all except XL Insurance have come back from last year, so we've done pretty good locally with our supporting sponsors, but the title, with high six-figures, just doesn't happen overnight.'' Asked his gut feeling as to whether he'll be successful in luring one out of the trio, MacLeod paused before saying: "I'm conservatively optimistic.'' "I'll be bubbling over when the cheque is in the bank, I've seen these things go right to the point where when the contract is signed then things fall apart so...'' Brut by Faberge pulled the plug on their involvement with the regatta following the completion of last year's event, which was won by New Zealand yachtsman extraordinaire Russell Coutts.

Faberge, a division of Cheeseborough Ponds, occupied the title role for two years, promoting a five-event series that also included regattas in Royal Lymington, San Francisco, New York and France.

The Bermuda event stood as the last and most lucrative stop, offering more prize money -- $100,000 compared to $25,000 -- than any of the other four regattas.

However, if forced to scale back operations does the Gold Cup yet attract top skippers such as Coutts, Peter Gilmore, Ed Baird, Peter Holmberg and the like? According to MacLeod they do. Miller was not so sure.

"I think based on the prestige of the event, the history and the amount of exposure it gets around the world we'd still attract the top guys,'' said MacLeod.

"I'm very confident, we've already gotten letters from a number of America's Cup syndicates who are not highly ranked asking for entry, asking to be part of it. So we feel pretty confident and they (skippers) know that this is a great event.'' Said Miller: "We don't know the answer. We'd like to believe they enjoy coming to the Island, but it has had the top prize money on the circuit and if we scale back then that is the area we will have to make cuts in.

"These guys always say that they enjoy the regatta and love the Island, but we've also had that carrot there to attract them and it may be difficult without it.''