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More than US$250m, the best of American know-how and can-do, and the reputation of one of New Zealand's most accomplished sportsmen.

All down the drain.

And some people reckon the America's Cup is dull?

Oracle was the best funded challenger in Valencia and the favourite to take on Alinghi, but couldn't beat Luna Rossa around a single mark in the semis.

And Chris Dickson, the architect of all that spending for billionaire Larry Ellison, is now on the sailing scrapheap, say the experts. It doesn't seem that many years ago Dickson was winning dinghy regattas at venues like Lyttelton as New Zealand sailing's wunderkind, and in spite of the Oracle shipwreck I'm sure he will bounce back.

Luna Rossa's success looks ominous for Team New Zealand.

We'll meet the Italians in the challenger final, but that will come down to Dean Barker V James Spithill. The Aussie helmsman has been brilliant in Valencia, and anyone who can make Chris Dickson look a mug will take some beating.

# A woman's view on the state of New Zealand rugby, bestowed on me at the weekend:

"Apart from that yummy Percy Montgomery, all those Bulls and Sharks look inbred neanderthals straight off the farm. Just like the All Blacks used to look years ago. Now the All Blacks are all metrosexuals ? and that's why we won't win the World Cup."

Well, it's not quite from the Deaker/Fox/Gifford school of rugby analysis, but you can see where she's coming from.

Graham Henry's conditioned "metrosexuals" have a lot to prove against France and in the Tri Nations after very few covered themselves in glory guest-starring in Super 14.

The All Blacks' 2006 success and New Zealand's early season Super 14 dominance made it look as though the 2007 Tri Nations would be a pretty irrelevant affair.

How things change in less than a month. Now the Tri Nations will be a barometer for the World Cup.

The Super 14 finale was wonderful for South Africa and, let's be honest, it's put new life into Super rugby. But it may take more than the success of the Sharks and Bulls to overcome the underlying tensions and issues which have dogged Springbok rugby.

The row over Luke Watson's inclusion in the Springboks shows it's not just teams at Valencia that have to worry about ill winds.