The protracted legal wranglings over the staging of the 33rd America's Cup, which took another twist in a New York court this week, could be to the advantage of TeamOrigin, the British entry, if the cup is delayed until a year before the London Olympics, according to the Swiss tycoon who owns Alinghi, the holder.

Ernesto Bertarelli, a pharmaceuticals billionaire, welcomed the legal victory over BMW Oracle, the syndicate owned by Larry Ellison, the American computer magnate, who had sought to be the challenger of record. But he said that the delay had cost the competition a lot of public interest.

Last November, Oracle had persuaded the court that Desafio Español, Alinghi's chosen challenger, was invalid because the Spanish yacht club behind the team had never staged a regatta, which is required by the cup's 156-year-old Deed of Gift. As the next challenger, Oracle demanded that they be allowed to race Alinghi in a one-on-one series, rather than the traditional multi-boat regatta from which a challenger emerges.

The latest ruling, based on the interpretation of the rather archaic grammar in the deed, means that other teams can race for the right to take on Alinghi in Valencia, including TeamOrigin, skippered by Ben Ainslie, the British Olympic sailor. Preliminary races could start next year but the final series may be delayed until 2011.

“It is certainly good news, so long as BMW Oracle decides not to appeal,” Bertarelli said. “This has been extremely damaging. After a very successful cup in 2007 there was a lot of momentum and interest from sponsors that we need to get back.

“I called Ellison after the ruling last November and said: ‘Congratulations, you win the first set but the match is not over.' They tried to win with legal power rather than on the sea.”

Bertarelli is worth more than £5 billion according to Forbes, which is far less than Ellison's £12.5 billion but more than enough to allow him to play with his boats. “My past two America's Cup campaigns cost $100 million each,” Bertarelli said. “This time, with legal bills, it is going to cost a lot more. It will probably not happen until 2011. It should help TeamOrigin, who have put together a strong team and will be able to draw on some great sailors peaking for their Olympics.”

Britain has never won the America's Cup, after losing the original race in 1851, but it would be appropriate if TeamOrigin won in 2011, given the leading role that Sir Keith Mills, the team principal, played in securing the 2012 Games for London.

He repeated Bertarelli's plea to Oracle to let the matter drop. “It would be a disaster for the America's Cup if they appealed,” Mills said. “It would probably mean a delay of four years.”

TeamOrigin are leading the iShares Cup for the Extreme 40 class, which continues in Cowes this weekend, with a two-point lead over Alinghi.

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