Billionaire Ernesto Bertarelli has no regrets about backing America's Cup holders Alinghi despite getting involved in a court dispute with opponents BMW-Oracle over the terms of next year's race.

"It's a lot of money that I've put on the table to finance this project but I would never regret it for a second," the biotechnology billionaire said.

"It's clearly the most expensive America's Cup I've had to finance," added Bertarelli, who has backed the team since 2000.

"Whoever has had an opportunity to participate and be with the Alinghi team ... I think that is what life is about, putting people in a position where they can socially and intellectually experience things which are unique."

Software executive Larry Ellison's BMW-Oracle team, which sails under the colours of the Golden Gate Yacht Club (GGYC), and Alinghi have been locked in a legal dispute for more than two years over the terms of the 33rd running of the race, the most prestigious in yachting.

BMW-Oracle has accused Alinghi, which sails under the colours of Societe Nautique de Geneve (SNG), of unfairly changing the rules of the race, slated to be held next February.

GGYC also believes SNG has installed an engine on their racing boat that is not permitted by sailing rules.

The two teams will resume mediated talks after a New York judge on Tuesday declined challenger BMW Oracle's request to hold Alinghi in contempt of court.

"I'm sure we will have one of the most exciting America's Cups as long as our competitor decides to drop the New York thing and come racing against us," said Bertarelli.

"If they accept that, I think there will be a lot of excitement."

He added: "Without this challenge, we would not be sailing such an impressive boat and bringing the Cup into a world it has not been from a technical standpoint and in terms of sailing technology.

"It is a technological race as much as it is a sailing competition ... It has been like that from the first time the Americans sailed to England to demonstrate that their naval technology was superior.

"There are very few rules about what you can and cannot do and we have built the boat around this."

Grant Simmer, of the Alinghi design team, added: "It's very common in racing yachts to have powered systems. That is going to continue. We can't do it otherwise."

New Zealander Murray Jones, who skippered the 90-footer on its debut last Tuesday, described the boat as awesome and graceful.

"It's the most exciting boat I've ever sailed," he said.

"It's an awesome experience to feel the power of the boat. It's very graceful to sail, it's smooth and comfortable.

"Nobody in our whole team expected us to get so far on the first day."