Former Gold Cup winner Peter Holmberg believes the time could be ripe for another victory in the prestigious sailing event, all things being equal.

Holmberg, from the Virgin Islands, demolished Kiwi skipper Gavin Brady in three straight races in 2001 to win the then Colorcraft Gold Cup on Hamilton Harbour. It was the first time he had won the coveted trophy.

He will be among eight seeded skippers taking part in this year's event, the preliminary rounds for which begin this weekend.

Topping the list is America's Cup winning helmsman Russell Coutts of the Alinghi Team, who has won the King Edward VII Cup a record six times - 2000, 1998, 1996, 1993, 1992, 1990.

Two-time champions Peter Gilmour of Australia (1997, ‘95) and New Zealand's Chris Dickson (1989, ‘87) and Dennis Conner of the USA will join Dane Jesper Radich of TeamRadich, the reigning champion, and Holmberg to challenge for one of match racing's largest prize purses.

“Preparations have gone pretty well,” said Holmberg yesterday. “We began training at home here in the Virgin Islands three weeks before the event, and flew to the US for a session against another team, so we've knocked off most of the rust and are starting to feel pretty good.”

The skipper, who will be accompanied by a crew of Paul Cayard and Michael Sanderson, said he was confident of putting in a good showing.

“I've won the event before so I know we are capable. I have spent the last few years training hard and refining the match race game and have a great team,” he said.

“(But) Jesper (Radich) and all the others are also capable, so it will just depend on who is on their game best for the week.”

Holmberg, who said he wanted to thank his Bermuda hosts Dennis and Jane Correia, said he had had a good 12 months and was looking forward to getting out on the water.

“The past year has been good,” said the Gramicci-sponsored sailor. “After finishing with the America's Cup project in February (helmsman with Oracle BMW Racing), I returned home to the Virgin Islands to settle down for a bit and take some time off. I have now recharged and have started to compete again, and am really enjoying it.”