A masterstroke by Ernesto?

Just when Team New Zealand (NZL) and BMW Oracle (USA) have committed four America's Cup Version 5 boats to the LVMH Pacific Cup challenge organized by Bruno Troublé (FRA) to be held on the Hauraki Gulf in Auckland, New Zealand, in February 2009, the Prince of Alinghi slams the Daughter of All Challenges onto the bone dry, dusty hard of the Valencia lagoon.

"Sail this!" says Ernesto Bertarelli of Alinghi (SUI), as he chokes, chortles and collapses on the ground, dissolving in maniacal laughter, in awe of the strategic genius and decision-making cojones of Club Náutico Español de Vela (CNEV).

"Or, if you prefer," Ernesto adds, "go sail down under!"

We don't know what the Italo-Swiss is for maniacal laughter, but it goes something like this: "Hahahahahahaha!!!"

The inestimable CNEV, that very pastiche of a Spanish yacht club, is having for its annual regatta a contest to be competed in America's Cup Version 5 boats on an ocean water course off that arm of the sea, the Valencia lagoon. It's open for any AC team still standing, still available, and still not committed (or having shipped their boats) to compete in Auckland.

If you are already en route to the Thunder Down Under, the Affair in Valencia is Out of the Question -- logistically, if not honorably.

You have to hand it to the Little Prince. He has a sense of humor.

Yet the sad, sick, pathetic little aspects of this noisemaker event are also evident, as always in anything that has to do with Ernesto, CNEV, and the Alpine Mammoth in the Room, Société Nautique de Genève (SNG).

As critics are saying, it lacks integrity -- not worthy of the hefty Top Class ranking generously and inexplicably assigned by the Royal Spanish Yachting Federation (RFEV).

Fusion and confusion?

The head of CNEV, Manuel Chirivella, a squirrelly figure, apparently is also head of the technical commitee of -- gasp! -- RFEV, who are, curiously, co-organizers of the regatta.

We wonder if this is the kind of sporting event up with which the King of Spain will not put.