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, have signed the Protocol for the Louis Vuitton 38th America’s Cup set to take place in Naples, in the summer of 2027.

First of all, the Protocol introduces the America’s Cup Partnership (ACP). ACP will be responsible for organising and managing the event’s on and off-water format and will oversee the development, protection and commercialisation of media and commercial rights. The Partnership Agreement is structured for all teams to collectively work within a long-term commercial structure for the future benefit and stewardship of the America’s Cup. Through the Partnership, the America's Cup can establish more predictable scheduling, with the Cup intended to become a bi-annual event.

• 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.
• In an exciting move to maximise commercial, media, and fan engagement, the teams will carry one guest racer onboard their AC75 during races. VIPs, sponsors, media, influencers and dignitaries will get to experience first-hand and report exactly what it is like to race onboard the most technological boats in the world, going head-to-head in the heat of battle.