With the BMW Oracle team yesterday defeating Alinghi in the second of a best-of-three series match in Valencia, Spain, the America’s Cup will be returning to America for the first time since 1995. It will also resume it’s multiple-challenger format. But there are still questions about exactly where and when the next Cup will be held.

BMW Oracle Chairman Larry Ellison said Newport, Rhode Island, San Diego, California, and San Francisco, California are possible venues. “We have to develop bases for many teams because it is going to be a multi-challenger event,” he said this morning during a press conference.

After two years of acrimonious court battles, which ultimately forced the two teams into head-to-head races in the waters off Valencia, the tarnished America’s Cup should regain some of its lustre.

But there is also a question regarding what the next generation of Cup yachts will look like. BMW Oracle’s 105-ft. trimaran beat Alinghi’s 110-ft. catamaran convincingly during both races, trouncing it during the second race by 5min 26sec.

In a separate press conference, Alinghi chief Ernesto Bertarelli said he would like to see multihulls as the racing boat of choice. “We had the fastest possible boats racing each other, I think that is good,” he told AFP news-wire. “Why would you want to go slowly?”

The next America’s Cup is traditionally held every three or four years, which means it could be held in 2013 at the earliest. Ellison confirmed media reports that Oracle had selected an Italian syndicate, Mascalzone Latino, as its Challenger of Record. Other challengers from multiple countries are also expected to participate.