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America's Cup Teams agree future of the Cup

America's Cup Teams agree new Framework Agreement determining the format of the next two America’s Cup cycles, its protocols and its class rules.

At a press conference in London, America's Cup skippers and team leaders revealed a framework agreement that would cover the next two editions.

Following the 35th America’s Cup that will take place in Bermuda in May/June of this year, the 36th and 37th America’s Cup, are due to take place in 2019 and 2021 respectively.

The framework agreement provides stability and gives interested teams an opportunity to plan longer term.

It establishes a modern sporting, technology and design challenge, within which costs are controlled to provide a much lower entry price and encourage more teams to be involved.

The target cost to field a competitive new team is in the US$30-40 million range over the two years, a significant reduction from current team budgets.

As is required, the framework agreement respects and upholds all aspects of the Deed of Gift, the document that lies at the heart of the America’s Cup.

Including the basic rule that the Defender still retains all commercial rights and gets to choose the next venue

Five of the six current competitors and their respective yacht clubs have already signed this framework agreement:

ORACLE TEAM USA, Artemis Racing, Team France, Land Rover BAR and SoftBank Team Japan.

Emirates Team New Zealand were not at the meeting but are aware of the developments and are invited to join.

In addition, several prospective new America’s Cup teams have been briefed on the framework agreement and have expressed significant interest in becoming challengers for AC36 and AC37.

The framework agreement and agreed future protocol binds the signatories to deliver the 36th America's Cup (AC36) and the 37th America's Cup (AC37) under the following terms:

• The America’s Cup will be on a two-yearly cycle for AC36 (2019) and AC37 (2021).

• The America’s Cup World Series (ACWS) will start, at the election of the defender, as soon as Q4 2017. Venues, sponsors and media partners will be approached over the next six months to secure up to 12 international events over the next two years.

• The first year of the America’s Cup World Series (ACWS) will be raced in AC45F foiling catamarans – the same boats used in America’s Cup World Series (ACWS) in the 35th America's Cup.

• The second year will see a transition to the America’s Cup Class (ACC) boats, the same technically sophisticated class of boats raced in Bermuda in 2017 (with a slight rule modification to extend the wind range in which they can race to 4 to 26 knots).

After this transition to the America’s Cup Class (ACC), the AC45Fs will be retired from the America’s Cup competition and the ACC boats will be the only boats raced.

• The America’s Cup World Series (ACWS) will culminate with a final event at the venue for the next America’s Cup and the final standings from the America’s Cup World Series (ACWS) will be used to qualify teams for the America’s Cup Challenger Playoffs.

• The America’s Cup Challenger Finals and America’s Cup Match will be held in 2019 in a venue selected by the winner of the 35th America’s Cup.

• To reduce costs, teams will not be permitted to build, test or train on AC45 surrogate boats as they have in this cycle of the America’s Cup.

• This above will repeat for AC37, with the exception that all racing will take place in America’s Cup Class (ACC) boats.

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