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The terms of the next America's Cup were again in the hands of a U.S. court on Monday after BMW Oracle made a last-ditch effort to be named the official challenger for yachting's most coveted prize.

Both parties, meanwhile, said they were hopeful that an amicable settlement in the year-long dispute over how, when and where the prestigious race should be held was within reach.

In court papers filed in the New York State Court of Appeals on Monday, BMW Oracle, which sails under the Golden Gate Yacht Club (GGYC) banner, asked that the court reinstate it as challenger of record.

BMW Oracle sued Swiss defending champion Alinghi on the grounds that it had chosen an illegitimate yacht club, Spain-based Club Nautico Espanol de Vela, to be its main challenger and that the two had set rules that were unfairly weighted in Alinghi's favour.

Last November, a New York judge ruled in BWM Oracle's favour, and a subsequent ruling set up a best-of-three, head-to-head series for the next edition of yachting's biggest prize rather than the traditional multi-boat competition to determine a challenger.

Alinghi successfully appealed, saying it preferred a later race date, a separate challenger of record and restoring America's Cup tradition by allowing a larger of field of challengers.

On Saturday, Silicon Valley billionaire Larry Ellison, the BMW Oracle chief, met with Ernesto Bertarelli, head of Alinghi, in San Francisco for settlement talks. The parties failed to resolve their differences but vowed to hold further talks.

In statements issued on Monday, both sides said they were hopeful the talks would lead to a settlement out of court.

"Our offer still stands: we will withdraw our appeal to the New York Court of Appeals if Mr. Bertarelli agrees to return to a multi-challenger event for the 33rd America's Cup with fair and competitive rules similar to those used in 2007's Cup," GGYC spokesperson Tom Ehman said in a statement.

Alinghi's lawyer Lucien Masmejan said in a statement the team has "faith that the ongoing talks between all parties involved in the future of the America's Cup will be productive."

The America's Cup was first staged in 1851.

(Source: Reuters)