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Stars & Stripes unveiled

Stars and Stripes was unveiled on a New York street

NEW YORK -- The New York Yacht Club has unveiled the boat it hopes will take it to America's Cup victory in New Zealand later this year.

Stars & Stripes, costing $2 million, is one of two boats that Dennis Conner will use in the campaign to win the right to race current cup holder New Zealand.

Conner, a four-time winner of the regatta, has been reunited with the club for the first time since losing the cup in 1983.

With the backing of the club and its commodore, Charles Dana, Conner believes that this boat can bring the cup back to America and New York.

"Personally, it's a chance to redeem myself for the club," Conner said.

"What better way to do that than to bring the cup back to America and the New York Yacht Club 20 years later. There is a lot of poetic justice.

Champagne celebration: Dana's wife, Rose, launches the yacht, watched by Connor

"But also, with the tragic moments…in New York City, and the unity that's been shown by the country coming together, I think the name of the boat, Stars & Stripes, says it all. It's a great chance for us to do something nice, to bring this home."

While Conner faces a handful of challengers who have more money and experience, he believes Stars & Stripes is his best shot, Associated Press reported.

"We think it really has a wonderful chance," Conner said.

"We have the finest companies in the world helping here -- Computer Associates doing the computer work, and a star-studded crew in place to sail it. I'm excited about the combination of the financial support being in place, the technology that we have, and the fact that we are the only all-American crew in a boat built by Americans."

Details of the second boat would be released later. This is the first time since 1987 that Conner has had the benefit of a second boat, a practice which he pioneered in 1980.

"The plans for a second boat are in hand," Dana said. "We expect to begin construction on another boat very soon. ...

"This thing really feels right. This is a team effort. Besides some of the technological stuff, how fast the boat is, how good the sails are, how terrific the appendages of the rudder and the keel are, an awful lot of it is the chemistry of the whole team," he added.