So, having observed this much, Patrizio Bertelli decides that he wants to play in America’s Cup 34, after all. This could almost be read as a vote of confidence, eh?

And the design-sharing agreement announced today along with the announcement of the challenge itself—Luna Rossa joins the game and gains access to Emirates Team New Zealand’s design process, and a training partner—accomplishes important goals for both teams. ETNZ has been needing an infusion of cash, and Luna Rossa is suddenly as caught-up as any challenger out there.

Or are we missing the fact that when ETNZ head Grant Dalton refers to “our design team” he is including the likes of Morrelli & Melvin, an office that not only helped to design Oracle Racing’s giant trimaran for the hostile takeover of 2010, but also wrote the AC72 rule.

Nobody brings more spirit to America’s Cup competition than the Italians, so welcome back.