Olympic sailor Sir Ben Ainslie is attempting to enter a British team into the 35th America's Cup in 2017.
The UK enjoys a rich history in the competition with the first ever race taking place off the Isle of Wight in the mid-19th Century.
The oldest trophy in sport was first offered as the One Hundred Pound Cup in 1851 for a race around the Isle of Wight, witnessed by Queen Victoria.
The first race was won by the schooner America, from New York, which beat a fleet of British boats.
American teams successfully defended all challenges for 132 years, until an Australian team won in 1983. Britain has never won the America's Cup.
More top news
School funding is shooting up the list of voters' priorities as the General Election approaches, according to researchers.
The Conservative and Labour leaders are expected to use PMQs on Wednesday to push their main campaign messages.
Surrey Police has been criticised for handing back John Lowe his shotguns months before he went on to shoot his partner and her daughter.