In a landmark moment for sailing, the America’s Cup, the oldest international trophy in sports, has entered a new era of governance. Emirates Team New Zealand, representing the Royal New Zealand Yacht Squadron, and Challenger of Record, Britain’s Athena Racing, representing the Royal Yacht Squadron Ltd, have agreed to form the America’s Cup Partnership (ACP) after final discussions in New York.
This historic agreement marks the first time in the 174-year history of the event that competing teams have united under a shared governance and commercial structure, aiming to manage competitions, share economics, and enhance engagement with America’s Cup fans globally.
The ACP will feature a governance board with representation from all participating teams, and will establish an independent management team focused on commercial growth, long-term investment, and continued innovation. This structure aims to ensure that the America’s Cup remains a world-class sporting event, enhancing its commercial value and global standing. The ACP will be operational from November 1, 2025.
Emirates Team New Zealand CEO Grant Dalton remarked on the importance of this change, emphasising that the America’s Cup has been managed on an event-by-event basis for too long. He noted the unrealised value tied to the technology of the teams and the event itself, and expressed optimism that this partnership will help realise the global growth and popularity the America’s Cup deserves.
Athena Racing CEO Sir Ben Ainslie highlighted the significance of the ACP as a historic moment, stating that this collaboration not only unites teams as rivals on the water but also as stakeholders in the future of the Cup, safeguarding its heritage while unlocking its commercial potential.
RNZYS Commodore David Blakey expressed pride in the role the RNZYS has played in establishing the ACP, supporting teams while respecting the fundamental principles of the Cup. He looks forward to seeing teams back on the water in preparation for racing in 2027.
RYS Ltd Commodore Bertie Bicket called the agreement a pivotal moment for sailing, highlighting its potential for sustainable growth, innovation, and fairness among competitors.
The deadline for teams to enter the Louis Vuitton 38th America’s Cup in Naples is October 31, 2025. Following this, the establishment of the ACP will progress into a practical phase, involving asset transfers, committee establishment, and personnel appointments, while operational planning for the event in Naples continues.
Acknowledgement is given to the advisors who have facilitated this complex agreement, including various legal and financial advisors representing both Emirates Team New Zealand and Athena Racing.
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