The sailing world can heave a collective sigh of relief as the long-awaited and much debated Protocol document for the 38th America’s Cup has been agreed and signed off by both the Defender, the Royal New Zealand Yacht Club – represented by Emirates Team New Zealand – and the Challenger of Record, Britain’s Royal Yacht Squadron Ltd – represented by Athena Racing.
The announcement came mid-afternoon in New Zealand where Athena Racing CEO Sir Ben Ainslie and RYS Ltd. chairman Bertie Bickett met with Emirates Team New Zealand CEO and RNZYS commodore David Blakey to finally sign the Protocol doc that effectively opens up the 38th America’s Cup for business.
A key feature of the new Protocol is a unique partnership agreement aimed at creating a long-term commercial structure operated collectively by the competing teams – an element which has drawn unequivocal support from the New York Yacht Club commodore Jay Cross.
“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,” Cross is quoted as saying in the announcement.
According to today’s announcement the new Protocol “introduces a groundbreaking partnership that establishes equal authority between all participating teams”. The America’s Cup Partnership (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.
“This is a seismic moment for the America’s Cup,” said Ainslie. “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.”
A key aspect of the ACP is to provide more certainty for teams, commercial partners, and event venues to invest for multiple editions of the America’s Cup – a factor that has always previously hobbled the chances of smooth continuity between events.
“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," said Dalton.
"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.
