Bermuda can only prosper from the 35th America’s Cup, according to sailing legend Dennis Conner.

The Island will host the prestigious regatta for the oldest trophy in international sport in June 2017, having beaten out several rival bids for the privilege to do so.

Mr Conner, a four-time America’s Cup winner (right), said: “It’s going to be wonderful for the Island and for the people here. Everybody is going to get a few more dollars in their pocket because the money that comes here for the event will be spread around.”

Government estimates that the economy will benefit from on-Island spending of approximately $250 million over the next three years.

This constitutes a major economic stimulus with new jobs and investment expected to begin this year.

“Sam the taxi driver is going to make a bit more and the Little Venice guy is going to have a few more pastas,” said Mr Conner, who won the America’s Cup three times as a defender and once as a challenger.

“It’s going to spread around the Island and is going to be good for everyone.”

The America’s Cup village and team bases will be at the old Royal Naval Dockyard, which is adjacent to the racecourse in the Great Sound.

“It [the race village] will raise the game over there in Dockyard and the facilities they will make to have the Cup will be lasting for your children and grandkids so it’s just a win situation for Bermuda,” Mr Conner said.

The multiple world champion and Olympic medallist said he had always felt that Bermuda had a “strong chance” after submitting its bid to host the next America’s Cup.

“It surprised everyone but the people inside knew that Bermuda always had a strong chance,” he said. “Larry Ellison [Oracle Team USA owner] is an international guy and the TV will be much closer for Europe here now.

“It’s a four-hour advantage for the people to watch the event live streaming in Europe.”

Four of the five syndicates that will challenge Oracle Team USA’s title are based in Europe.

The next America’s Cup will see an American syndicate defend the Auld Mug in neutral waters for the first time. It will also be the first time a syndicate has defended in neutral waters by choice rather than force.

Mr Conner, who is regarded in sailing circles as “Mr America’s Cup”, has no qualms over Oracle’s decision to defend their title outside of the United States.

“There’s a first time for everything,” he said. “They had to drive a car across the country instead of riding a horse, so we will keep a good attitude and move on.

“We have some new boats and new ideas because you have to stay fresh and keep up with the times. Bermuda, I think, is helping to make that work.”