America’s Cup defender, Grant Dalton’s Team New Zealand, and the Challenger of Record, represented by Ben Ainslie’s 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.
The Protocol, was signed overnight in New Zealand between 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.
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.
Entries for the Louis Vuitton 38th America’s Cup open from the 19th August 2025 and close 28 days after the signature on the Partnership Agreement.
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.”
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.”
AC38 Future Focused Protocol – Main Points
- 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.
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