America's Cup: Team Korea principal says they will enter AC34

Team Korea in the first race of the America’s Cup World Series regatta in Naples, Italy - America’s Cup World Series, Naples, Day 1

America's Cup.com, the official America's Cup website is reporting that Team Korea is sending signals that they may soon have some news on their challenge for the 34th America's Cup.

At the Korea Match Cup this past week, team principal Kim Dong-Young told his sailors the team would be entering the Louis Vuitton Cup and building an AC72 to race.

Matt Cornwell, one of the team's sailors, even tweeted about it saying: @acteamkorea officially entered as a challenger for the Louis Vuitton Cup this week. Just the small hurdle of building a 72 now. Bring it!

While there is nothing official yet from event organisers - an announcement may be coming soon.

The Koreans would join Artemis Racing, Emirates Team New Zealand and Luna Rossa Challenge who have already started to build AC72s for the Louis Vuitton Cup.

The entry deadline was recently extended to August 1 at the request of AC World Series competitors like Energy Team, China Team and Team Korea, all of whom are working hard to secure resources for their challenges. The entry fee is USD200,000 which must be paid on entry. There are no longer any requirements for payment of performance bonds and the like.

Two other teams are still competing on the America's Cup World Series without having entered the America's Cup Regatta in AC72's.

Both Team China and Energy Racing Team (FRA) are believed to be very actively seeking the necessary financial backing for a single boat challenge. They are expected to use the basic design package that has been offered by America's Cup organisers, and with a standard wingsail available through Southern Spars, who are supplying wingsails for Emirates Team New Zealand.