19 boat designers from 10 nations have met in Valencia to discuss the options for a new class of yacht for the next America's Cup.
Central to the deliberations was whether to develop a monohull or a multihull for the 34th America's Cup.
Four-time winner Russell Coutts says the teams want a new boat and the fans deserve one
Coutts, who is a part of BMW Oracle, the Cup holders, says it will not be a 'defender's boat' but the product of genuine discussion and dialogue.
Publication of the new class rule will be no later than 30th September.
The 34th America's Cup regatta will probably take place in 2013 or 2014 with San Francisco among the favourites to host the event.
A final announcement will be made at the end of the year.