Emirates Team New Zealand and Britain's Athena Racing have joined forces to establish the America's Cup Partnership (ACP), a shared governance and commercial body that marks the first arrangement of its kind in the event's 174-year history.
Finalised in New York this week, the agreement fundamentally changes how the Louis Vuitton 38th America's Cup, and all future editions, will be run. For the first time, every competing team will hold a direct role in the long-term planning and commercial direction of the event, rather than that responsibility resting solely with the Defender and Challenger of Record.
The ACP will operate as a central body representing all syndicates, with a remit covering commercial growth, investment, and innovation. A board on which each team holds a seat will appoint an independent management group to oversee event operations, partnerships, and technology development.
The structure represents a clear departure from the Defender-Challenger model that has shaped Cup governance on a cycle-by-cycle basis for generations. The new framework is intended to deliver financial stability across the fleet, broaden participation, and support continued technical development between Cup campaigns.
Emirates Team New Zealand CEO Grant Dalton said the partnership recognises the value tied up in both the event and team technology.
“The America’s Cup has long been managed on an event-by-event basis without a structure to plan for the long-term,” Dalton said. “By partnering with fellow teams under a single governance and commercial organisation, we can unlock the global growth and popularity the Cup and its fans deserve.”
Athena Racing CEO Sir Ben Ainslie called the formation "a truly historic moment" for the sport.
“For the first time, teams are uniting not just as rivals on the water, but as shared stakeholders in its future,” Ainslie said. “It marks the start of an exciting new era for fans, partners, and the sport of sailing.”
Royal New Zealand Yacht Squadron Commodore David Blakey described the undertaking as "a monumental task" and said both clubs were proud to have guided the event toward a shared future while preserving the Deed of Gift and the Cup's traditional principles.
The America's Cup Partnership comes into effect on 1 November 2025, with entries for the next event closing the day before. Planning is already underway for the 2027 America's Cup in Naples, encompassing the design of the Bagnoli event site and preliminary regatta venues for 2026 and 2027.
