When Dennis Conner lost the America's Cup to yet another group from Down Under two years ago, the lament on the dock was, "We’ll never see the Cup in San Diego again - not in our lifetime."

    It seemed a safe bet at the time. It was even a safer bet a year ago when the first challengers were announced by defender Royal New Zealand Yacht Squadron, and no one from San Diego was on the list. But don’t bet on it now.

    Last month, Mr. America's Cup plunked down the $200,000 entry fee for a berth in the next regatta, just squeezing under the wire to meet the May 14 deadline. Publicly, Conner had been denying he would participate in an eighth America's Cup. However, few insiders took him seriously. The surprise would have been had he not entered.

    The "AC for DC" is a siren's song, a beacon that beckons him to sail forth in the crusade for yacht racing's Holy Grail. He said as much in announcing his challenge: "I couldn’t stand the idea of not competing in what has become a life's quest for me."

    The real surprise is Conner has aligned with a San Diego club, and that quest could lead to an encore America's Cup performance in America's Finest City. Only a fool would not consider Conner a contender, if not a pre-race favorite. Never mind that he has no money and that his sponsoring club, the little-known Cortez Racing Association, is not peppered with financial heavyweights. Conner always finds a way to get in the ring and fight to the finish, if not score a knockout.

    His record speaks for itself. Yes, he's the only skipper in the event's 146-year history to lose it twice. He's also the only one to win the garish thing four times, three as skipper and once as tactician/starting helmsman. The most memorable victory was his decisive, 4-0 drumming of the upstart Aussies in 1987, avenging his 1983 loss.

    It could happen again, because winning sailboat races is what Conner does best. He knows what it takes to win, and he has the drive and determination to make it happen. Conner is to sailing what Michael Jordan is to basketball. If he's in the game, his team generally wins.

    Conner has his own reasons for wanting to win the America's Cup and return it to San Diego. Certainly, it would be victory No. 5, a feat that would be difficult to beat. What’s more, his home fronts La Playa Cove, his sports marketing operation is headquartered here, and he keeps shop in Point Loma.

    It also would be good for San Diego. Although the America's Cup never achieved the $1 billion economic infusion the civic boosters claimed it would a decade ago, it did pump well over $500 million into the local economy during its eight-year tenure here. Having it back would give ConVis another arrow in its marketing quiver, and would do more economically than two Super Bowls.

    Still, there is no guarantee the event will be staged off Point Loma again if Conner wins. Many of us have not forgotten the brouhaha that erupted a decade ago after word leaked out that event organizers were considering venues in Long Beach and Hawaii. A determining factor will be where the support (read: money) comes from. If the business community is behind Conner, San Diego could become America's Cup Central once again.

    One thing for certain, however, The Auld Mug would not be returned to its pedestal in San Diego Yacht Club. Where the Victorian-era silver pitcher would reside is anybody's guess. It’s already the stuff of happy-hour speculation.

    You see, unlike SDYC, the sponsoring Cortez Racing Association has no clubhouse. Comprised of some 200 members, the sailing organization is devoted to racing. Forget the social palaver. These guys and gals show up at the dock on race day, do their ballet on the bay, then scatter for the suburbs.

    A home for the prized trophy is "to be determined," says CRA Commodore Ben Benefield. "Right now we’re just concentrating on fund raising." Besides, the event is still two and a half years away, and it must be won first. Until then, there are much bigger things to worry about. Such as, where is Conner getting the money needed to fill his $30 million war chest?

    No corporate backers have stepped forward at this point. Toshiba is one possibility. The electronics giant is backing Conner in the Whitbread Round the World Race, a 32,000-mile ocean marathon that begins in England in September. However, any formal discussions will have to wait until the Whitbread is over, about a year from now.

    Meanwhile, the newly sportsminded Qualcomm, which wrote the city an $18 million check to get its name on the stadium, raises interesting possibilities. Flush with cash and embarking on a global marketing blitz for its wireless products and services, high-profile publicity from a 75-foot yacht racing in New Zealand's picturesque Hauraki Gulf may be a good fit - and could provide the leverage to keep the races in San Diego in the event of a Conner victory. Qualcomm has not yet been approached, but you can be sure the Sorrento Mesa wunderkind is on Conner's itinerary.

    However, getting to New Zealand is just half the battle. Once there, Conner must wade through what could be a record number of competitors before landing the lone berth in the America's Cup match against New Zealand.

    Currently, there are 18 challengers from 10 countries, including six from the United States, three from France, two from Switzerland and one each from Australia, Great Britain, Hong Kong, Italy, Japan, Russia and Spain. Some attrition is expected, but the challenger fleet could surpass the record 13 that made the pilgrimage to Australia in 1987.

    Two of the teams to beat are led by former Conner allies - John Marshall, head of the New York Yacht Club entry, and Paul Cayard, organizer of the group from San Francisco's St. Francis Yacht Club. Italy and Japan also are expected to field formidable teams.

    The months-long challenger trials will begin in late 1999, with the best-of-nine America's Cup match scheduled to start Feb. 26, 2000. The New Zealanders have the home-field advantage. But Dennis will certainly be the menace of the challenger fleet, if not the Kiwis themselves.

    You can bet on that.

    Larry M. Edwards covers the America's Cup for local, national and international publications. He co-produced the official 1995 America's Cup Web site and currently operates a new-media consulting business.