America's Cup: Protocol signing confirmed - a "ground breaking" partnership

Ben Ainslie and Grant Dalton at the media conference in Auckland - August 12, 2025 © Richard Gladwell - Sail-World.com/nz

An innovative 11th hour Protocol for the 2027 America's Cup has been agreed between the Challenger of Record and the Defender. It creates a commercial framework for the current and future Cups, eases nationality rules, and has a quota for female sailors.

The full release by the Defender and Challenger is as follows:

The Defender of the America's Cup, The Royal New Zealand Yacht Squadron, represented by Team New Zealand, and the Challenger of Record, The Royal Yacht Squadron Ltd, represented by Athena Racing, have signed the Protocol for the Louis Vuitton 38th America's Cup set to take place in Naples, in the summer of 2027. The Protocol introduces a groundbreaking partnership that establishes equal authority between all participating teams.

Entries for the Louis Vuitton 38th America's Cup open from the 19TH August 2025 with the America's Cup entering a new chapter built on a centralised partnership which expands opportunity, grows the sport globally, creates value in the teams, and unites all behind a shared vision for the future of one of sport's most historic and iconic events.

At the heart of the Protocol is a Partnership Agreement, structured for all teams to collectively work within a long-term commercial structure for the future benefit and stewardship of the America's Cup.

NYYC Commodore Jay Cross said: "As the founding trustee of the America's Cup, we are completely supportive of the move to modernise the oldest sporting trophy in the world."

The America's Cup has always evolved to meet the demands of its era. Today's sporting landscape presents new opportunities to enhance the competition's global relevance and commercial strength. Through the Partnership, the America's Cup can establish more predictable scheduling, with the Cup intended to become a bi-annual event, with consistent formats that build audience anticipation and enable better promotion.

Team New Zealand CEO Grant Dalton said: "As the three-time successive winner and Defender of the America's Cup and along with the RNZYS as current Trustee, we feel the responsibility to continue to drive the growth of the America's Cup event. Although the America's Cup is the oldest trophy in international sport and the pinnacle of sailing, its Achilles' heel has always been its lack of continuity, so this transformation now gives all teams collective stewardship, and we are introducing a new executive management team to be headed up by a new independent CEO. By negotiating this Protocol and the America's Cup Partnership with the Challenger of Record, it provides certainty for teams, commercial partners, and event venues to invest for multiple

editions. This is the boldest change in 174 years of the Cup, while respecting the Deed of Gift, along with the Challenger of Record we are confident this is the best initiative to grow what is already one of the greatest sporting events in the world."

This landmark agreement establishes equal governance for all participating teams through the America's Cup Partnership (ACP). ACP will be responsible for organising and managing the event's on and off-water format and will oversee the development, protection and commercialisation of media and commercial rights.

Athena Racing CEO and Team Principal Sir Ben Ainslie said: "This is a seismic moment for the America's Cup. The Partnership Agreement fundamentally reshapes the governance and organisation of the event. The teams and yacht clubs share a vision to make the America's Cup more inclusive, compelling, and financially sustainable. This new model marks a unified commitment to that vision. I am excited for the future of the sport."

Future Focused Protocol

The future focused Protocol also includes developments aimed at increasing inclusivity, national representation, and cost efficiency whilst ensuring the America's Cup stays at the pinnacle of design and development in sport.

• The 38th America's Cup will see a progression of the 37th America's Cup, with a priority to continuing to build pathways for Women and Youth, by maintaining the Women's and Youth America's Cup events, but also now including at least one female crew member onboard the AC75.

• The crew of the AC75s will consist of five sailors, with increased function of the boat powered by battery. The nationality clause requires that two sailors plus the female sailor must be a national of the country of the competitor but will allow up to two non-nationals to sail onboard as well.

• Racing format revitalised to keep all teams racing for longer and maximising race time with the Louis Vuitton Cup group stage comprising of match racing as well as fleet racing to include all competitors. The results of which will determine the top 4 Challengers that will race in a knockout match race Semi-Final (first to 5 wins) and Final (first to 7 wins) series to determine who the Challenger will be to race the Defender Team New Zealand in the Louis Vuitton 38th America's Cup Match in the month of July 2027 in Naples.

• A series of up to three Preliminary Regattas are intended for 2026 and one in early 2027 to be raced in the AC40s with teams entitled to race two AC40 yachts each at each event, with one AC40 to be crewed by women and youth sailors. A final Preliminary Regatta will be raced in Naples in the AC75s immediately prior to the commencement of the Louis Vuitton Cup Challenger Selection Series.

• In a significant move of cost containment for all teams, a cost cap of €75m for the teams will be imposed for AC38 with refinements scheduled for AC39. Furthermore, the Protocol stipulates that all existing teams will use the same AC75 hulls that were raced in the 37th America's Cup if available. New teams will only be permitted to acquire an existing AC75 or build a new hull to the design of an AC37 hull. All hulls must satisfy the specific Constructed in Country requirements as outlined in the Protocol in accordance with the Deed of Gift.

• In an exciting move to maximise commercial, media, and fan engagement, the teams will carry one guest racer onboard their AC75 during races. VIPs, sponsors, media, influencers and dignitaries will get to experience first-hand and report exactly what it is like to race onboard the most technological boats in the world, going head-to- head in the heat of battle.

RNZYS Commodore David Blakey said: "As current Trustee of the America's Cup, we have been integral in the process with Team New Zealand, and the Challenger of Record, in carving this new path for the America's Cup. Promoting pathways for young sailors and developing the sport in New Zealand is a top priority for RNZYS, which this Protocol and partnership delivers on. We are immensely proud of our national team's performance on the world stage and Team New Zealand winning the America's Cup represents the very best of New Zealand's innovation, technology and culture. Bring on Naples in 2027!"

RYS Ltd Bertie Bicket said: "Royal Yacht Squadron Ltd is delighted to embark on a fourth successive America's Cup challenge with Sir Ben Ainslie and Athena Racing, as the challenging Yacht Club for the 38th America's Cup. I would like to thank our friends at the Royal New Zealand Yacht Squadron and Team New Zealand with whom, alongside Athena Racing, we have worked closely over the past 9 months to bring about this paradigm shift to the future structure of the America's Cup. This has been a complex endeavour that has required a huge amount of collaboration and goodwill from all parties."

All eyes will now turn to Italy which was officially confirmed in May 2025 as the host country for the Louis Vuitton 38th America's Cup, with the historic city of Naples named as the Host City. The prestigious event is set to take place in the spring and summer of 2027.

www.americascup.com/files/m26244_FINAL-PROTOCOL-12-AUGUST-2025.pdf