A bold new sailing competition to rival the Americas Cup has officially been launched

The competition will use identical F50 supercharged catamarans, capable of speeds of 53 knots, and operated by a crew of five.

Six crews from Australia, the United States, China, France, Japan and Great Britain will race in Sydney on February 15 next year, before racing in San Francisco in May.

The competition is the brainchild of American billionaire Larry Ellison, who owned Team Oracle when they won the Americas Cup in 2010 and 2013, and lost it to Team New Zealand last year.