MILAN — Prada Group’s chief Patrizio Bertelli is ready to set sail again.

Just as one thought that Bertelli had thrown in the towel following Luna Rossa’s elimination from the Louis Vuitton Cup in New Zealand last January, it looks like Prada’s sleek boat will glide the waters of Valencia, the Spanish city designated to host the America’s Cup in 2007.

In Italian press reports, Bertelli said there’s a 70 percent chance that he will race again because a good challenge runs through his veins. He said he’d make up his mind by Dec. 15, when registrations open.

“After two competitions on the other side of the world, it would be a crime not to take advantage of our means and experience so close to home,” said Bertelli.

This time around, Bertelli will seek partners to cosponsor the new adventure, whereas before Luna Rossa was entirely supported by the Italian luxury goods group. Bertelli estimates that the cost to fuel the project will be around $95 million.

Meanwhile, his wife, Miuccia Prada, is staying planted firmly on terra firma. Through the Fondazione Prada, the art and cultural institution that she co-chairs with Bertelli, the designer will sponsor a three-year program in Aesthetics Philosophy at L’Universitá Vita-Salute San Raffaele, a private university in Milan. The sponsorship will cost $360,000 over three years.

The general accord is based on a reciprocal desire to diffuse certain notions about contemporary art through seminars, roundtables and debates, presided over by top-notch international personalities, which Prada will help select.

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