Sir Keith, the leader of the TeamOrigin syndicate, has suggested that the Royal Thames Yacht Club or another neutral yacht club serve as Challenger of Record as a way to end the spat between two-time defending America's Cup champion Alinghi of Switzerland and BMW Oracle Racing, which is backed by Silicon Valley magnate Larry Ellison.

 

He said: "If they both want a fair competition, this is a great way of resolving it, I think."

 

Alinghi and BMW Oracle Racing have been in court for a year squabbling over which yacht club is eligible to serve as Challenger of Record, which gives it the right to negotiate with Alinghi the rules of the next multichallenger America's Cup.

 

After successfully defending the Cup against Team New Zealand in July 2007, Alinghi, owned by Swiss bio-tech tycoon Ernesto Bertarelli, chose Spain's Club Nautico Espanol de Vela as Challenger of Record. Golden Gate Yacht Club (GGYC), which backs BMW Oracle Racing, issued a challenge and then sued in a New York Court, saying the Spanish club was a sham and that the Swiss were trying to tilt the rules for the next regatta in their favour.

 

A New York judge earlier this year agreed with GGYC, making it the Challenger of Record.

 

Unable to agree to rules for a multichallenger regatta, Alinghi and BMW Oracle appeared headed for a rare one-on-one showdown in 90-foot multihulls.

 

But Alinghi's backing club, Societe Nautique de Geneve, appealed, and last week the New York Supreme Court's Appellate Division ruled 3-2 that Club Nautico Espanol de Vela should be the Challenger of Record.

 

GGYC filed a last-chance appeal last Friday with the New York State Court of Appeals in Albany.

 

Sir Keith, the chief executive of London's successful bid to host the Olympics, spoke with Alinghi skipper Brad Butterworth last weekend during a regatta at Cowes.

 

He said: "Both sides, it seems to me, need to show some statesmanship, some leadership.

 

"Both are leading teams in the sport, and I think the time's come where they both need to give way. If Ernesto Bertarelli can be persuaded to ask CNEV to step down and Larry and Russell (Coutts) ask GGYC to step down, effectively both give up their positions, then there's a good chance they can agree."

 

Coutts, a three-time America's Cup winner — including in 2003 with Alinghi — is BMW Oracle Racing's skipper.

 

Sir Keith, the founder of the Air Miles scheme, said the Royal Thames Yacht Club would not necessarily have to be Challenger of Record, as long as the role is filled by a neutral club.

 

He said: "Somebody's got to bring this back down to earth.

 

"It's gotten out of hand.

 

"We think the time has come where both sides need to figure out what is best for the America's Cup.

 

""If it's delayed until 2013, a lot of people will lose the will to live.

 

"That's just too long."