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
Two students and their climbing instructor are feared dead after an avalanche hit a school party in Japan.
The US has strongly condemned Russia's treatment of protesters after the largest anti-government protests in years swept the country.
Prosecutors in South Korea are seeking a warrant to arrest former president Park Geun-hye on corruption allegations.