Rumours are flying – following recent articles in the Italian media, LA Stampa – that the New America’s Cup governance agreement will be signed in the next week.
This is the new America’s Cup Partnership (ACP) agreement that has already been signed by Defender New Zealand and Challenger of Record, Athena Racing, but requires the America’s Cup teams to sign for the challenge to go ahead.
In addition the La Stampa article added that the CEO of Athena, Sir Ben Ainslie, now has financial backing for his AC38 challenge . . . although this has not yet been confirmed by Sir Ben.
At the time of the signing of the Protocol by the Defender and the Challenger, referred to as the “COR/D” in the Protocol, a Terms Sheet and an America’s Cup Partnership agreement were included, but not released to the media.
These documents have to be agreed by all the competing teams.
The AC Partnership will take over from the COR/D to organize and manage the format and commercial rights of AC38, and raise and manage all necessary funds to meet all costs and expenses of AC38 and the Events.
It seems that the teams that have entered to date – which have not been publicly announced – have now signed or are about to sign.
At the time of the Protocol signing Sir Ben said: “This is a seismic moment for the America’s Cup. The Partnership Agreement fundamentally reshapes the governance and organisation of the event.”
If financial backing for the British AC38 challenger has been confirmed, this will draw a line under the falling-out between Sir Ben and Sir Jim Ratcliffe after their two unsuccessful challenges.
Although the 2024 AC37 event resulted in the first actual challenger appearance by a British yacht in the America’s Cup Match in 60 years, it ended in a 7-2 defeat to the Defender, Emirates Team New Zealand.
A Challenger is required to pay a €7million Entry Fee and mandatory loan to the America’s Cup Partnership on entry.
