A leading sailing blogger reports that Oracle chairman Larry Ellison might be launching a racing series similar to the America’s Cup World Series. Rob Mundle wrote on his website earlier this week that Ellison has recruited teams from the USA, Sweden, Japan and France that are "committed” to the event.

“Reliable sources suggest that the proposed series will be contested at a number of venues around the world,” wrote Mundle. “The ultimate prize will be a spectacular trophy provided by French fashion house, Louis Vuitton, which was a major sponsor in Bermuda.”

Mundle says that Bermuda, which still has training facilities for many of the last America’s Cup teams, could possibly be the first venue in this new series.

“As Cup defender in Bermuda, Ellison changed the face of America’s Cup racing with the introduction of spectacular high-speed, 50ft-long hydrofoil catamarans,” Mundle wrote. “The same boats would be used for the World Series and compete on unique, “spectator friendly” courses along the lines of those created in Bermuda.”

After Oracle USA Team’s defeat last summer, Defender Emirates Team New Zealand announced last month that it would be held in Auckland. If the America’s Cup infrastructure is not in place in time, however, the America’s Cup might be relocated to Italy.