Alinghi issued the following statement following the court ruling:Today's decision against the validity of the Club Nautico Español de Vela (CNEV), the Challenger of Record, is a disappointment to the Societe Nautique de Geneve (SNG), AC Management (ACM), Alinghi and the seven entered Challengers affected by the outcome. There will now be a thorough review of the Judge's decision and an analysis of the various options offered by the Deed of Gift. Ernesto Bertarelli, President of Alinghi, says: "We are disappointed that a technicality made the CNEV invalid and we are now looking forward to discussions with the Golden Gate Yacht Club to keep the America's Cup functioning."And here's what Golden Gate YC had to say:The Golden Gate Yacht Club (GGYC) today welcomed a ruling by the New York State Supreme Court that its challenge for the 33rd America's Cup was valid. "We are very pleased by the decision as it enables everyone to focus on getting the Cup back on track quickly," said Russell Coutts, CEO of the club's BMW ORACLE Racing team. He said GGYC wanted to see a conventional America's Cup regatta in Valencia and is planning to speak with Alinghi as soon as possible to organize a meeting seeking a mutual consent challenge. GGYC's first preferences would be to: 1. Seek to agree rules with all competitors along the lines of the October 17 "nine points" compromise proposal and race a conventional America's Cup competition in Valencia in 2009. 2. If a Deed of Gift challenge went ahead, the club would seek to race under the AC90 monohull rule already published. If Alinghi did not agree to that, in multi-hulls. 3. In all scenarios, GGYC would seek by mutual consent to have a Challenger Selection Series with as many challengers as possible. "We will immediately endeavour to meet with the other challengers to mutually agree a fair set of rules negotiated with all the other teams," Coutts said. "We will be very happy if we can put the last few months behind us and get on with sailing."