Several among local yachting circles believe Bermuda can put together a viable challenge for the prestigious America's Cup in the year 2000, as proposed by Francis Carter.

However, there are also those that believe it to be but a dream, one that certainly will not be realised when the event is held in Auckland, New Zealand.

All agree financing to be key to getting the project off the ground, as well as the Island being able to secure the latest equipment, technology and manpower needed to manufacture a winner.

The Departments of Tourism and Finance have been approached regarding the idea of forming a Bermuda syndicate. Estimates for putting together a challenge have been placed at around $15-30 million, meaning that $6-12 million would be required from local coffers. The balance has already been subscribed by outside entities, Carter said.

An announcement in Wednesday's Royal Gazette called on Bermudians to state their support for a local challenge, which it claimed would benefit Bermuda in areas of tourism, sports and business.

"It's a great goal to try and go for something like that, the America's Cup is the ultimate,'' said Paula Lewin, Bermuda's best female sailor.

"It would take a lot of money and people coming together to make it happen, but I don't think it's out of our reach. Just look at Peter Holmberg of the (US) Virgin Islands, who's putting together an effort there.'' Peter Bromby, who also knows a thing or two about sailing and who has competed against Kiwi Russell Coutts, the man at the helm of the team New Zealand's victorious Black Magic in San Diego two years ago, was more direct in his analysis.

"Money's the issue,'' said Bromby.

As for Bermuda being a force in the first year, Bromby said: "I think that there are some sailors from overseas who could complement our challenge quite nicely.

"With the people involved I think we can be competitive.'' Bromby, currently building towards competition in next month's Bacardi Cup regatta in Florida featuring Star class boats, called on Government to look closely at the feasibility study of entering the Cup.

"We keep talking about sports as a way to the future, I can't think of one that does it better than sailing. I think it would be a good advertising opportunity, just as Francis does.'' Likewise in agreement was Royal Bermuda Yacht Club commodore Tom Miller and it is likely that if entry were achieved RBYC would act as the home club.

"We're aware of it. I spoke with Francis some time ago and we're all in favour and recognise that it could be good for Bermuda, but it remains to be seen whether it can happen,'' said Miller. "Financing permitting I think it can happen.'' As for the ability of Bermuda to be competitive in the first year, Miller was adamant that this was possible.

"There's still three years to go and I know that the people he (Carter) has lined up are all quality people. I wouldn't be behind it if I thought the principles -- the people who could make this thing work -- were not experienced and quite capable people.

"I think there's a very good chance of us being competitive.'' Nevertheless, to Penny Simmons, a multiple world champion International One Design sailor, the thought of Bermuda taking part is nothing but fantasy.

And while he admired the idea, he was of the opinion that much better use could be made of the funds Government were being asked to fork out to aid the campaign.

"To tell you the truth I think it's a pipe dream,'' said Simmons. "It's so far out of our league, in terms of money, time and technology involved that it's just a dream as far as I'm concerned.

"It can possibly happen, but from a time point of view and everything that's got to go into it...'' Simmons also downplayed notions that Bermuda could make it through the challenger series and have any hope of making the finals. And he pointed directly at current champs New Zealand as a nation that had tried and fallen short on numerous occasions before finally breaking through in 1995 to win.

"...to think that you can be competitive on the very first try is just, in my opinion, not even worth thinking about, it's just not possible,'' he continued. "The technology today is so vast, so many nations are so far ahead in the technology that it's nothing but a dream.

" It might be a nice idea, but I just can't see it coming about, I just can't. There aren't enough people who are hungry enough, that are sailing, to go out and do a good job.''