Oracle call for independent Cup body

VALENCIA, Spain (Reuters) - The parameters for future America''s Cup races should be set by an independent panel, BMW Oracle Racing CEO Russell Coutts said on Wednesday.

The latest in a string of lawsuits lodged in a New York court has the American challengers questioning the validity of Swiss team Alinghi''s sails.

"Independent and neutral management, I believe, is the only way for the future," Coutts said in an interview with Reuters Television.

"If you have one of the competitors trying to dictate the rules, and changing the rules for all the other competitors, this is never going to be successful."

As the defenders, Alinghi maintain they have the right to shape the format and rules according to their interpretation of the 1887 Deed of Gift, the original document that created the America''s Cup and still governs the event. Earlier, Alinghi team president Ernesto Bertarelli told Reuters Television: "I hope we will find a solution (to the latest lawsuit) because the sport should be decided on the water.

"I hope we are going to leave the court case behind and everybody is going to be looking at the sailing rather than the court papers."

COURT HEARING

The Golden Gate Yacht Club (GGYC), under whose colours BMW Oracle sail, expect the New York Supreme Court to hear their case next week or the week after but it is unclear whether a ruling will be made from the bench then or later.

"The America''s Cup is going to be fine, it''s always fine," said Bertarelli who, like BMW Oracle owner Larry Ellison, is one of the world''s richest men.

"It is going to happen on the eighth of February," he added. "And that''s when we are ready to race. I''m going to be there, ready to race."

The GGYC offered to rescind their legal challenge over the sails if Alinghi signed an agreement negotiated in Singapore last week by 1800 GMT on Monday.