MUNICH, July 16, 2008 (AFP) - German luxury carmaker BMW announced Wednesday they have extended their sponsorship deal with America's Cup challengers BMW Oracle for the 33rd edition of the prestigious yachting race.

'Our aim is to win the event and we believe with Russell Coutts on board we have an even greater chance of achieving this,' explained BMW sales and marketing director Ian Robertson.

'We're convinced that the process (for the organisation of the 33rd America's Cup) is going in the right direction,' added Robertson.

Financial details of the contract were not revealed.

New Zealand helmsman Coutts is regarded as one of the greatest America's Cup skippers, having won the trophy three times: at the helm of Kiwi boats in 1995 in San Diego and in 2000 in Auckland and in 2003 with Swiss boat Alinghi.

The legendary skipper did not take part in the 2007 edition of the America's Cup in Valencia, Spain which was retained by Alinghi.

The 33rd America's Cup had originally been scheduled to be held in Valencia in July 2009 as a traditional multi-boat regatta.

But organizers indefinitely postponed the event last November because of the legal wrangling betwen Oracle and Alinghi over the Deed of Gift - the protocol setting out the America's Cup rules.