Mayor D.C. Reeves said yesterday that the statements by American Magic and Athena Racing (below) are part of a negotiation between the Challengers and Team New Zealand (Defender).
Athena Racing:
Athena Racing, representing Royal Yacht Squadron Ltd. as Challenger of Record for the 38th America’s Cup, is concerned by the ongoing lack of transparency around the recent announcement of a Host City for the Cup in 2027 and the impact this is having on the main goal of negotiating a fair sporting protocol.
For seven months Athena Racing has been in negotiations on a protocol for the 38th America’s Cup with the Defender, Team New Zealand, on behalf of all the Challengers – with the aim to deliver a fair sporting framework and commercially viable event for all America’s Cup stakeholders. Despite recent progress being made, significant barriers remain.
Typically, a host agreement has only followed the publication of an agreed protocol. In the absence of an agreed protocol, it is therefore difficult to understand what exactly has been agreed between Team New Zealand and the Government of Italy as the sporting framework and details of the event do not yet exist.
Any hosting agreement will bind challengers to financial and organisational obligations, as well as potential liabilities, making its disclosure fundamental to teams’ participation and commitment to the 38th America’s Cup.
While we have every confidence that Naples can be a magnificent host for the America’s Cup, we believe that transparency and cooperation between the Defender and all Challengers is vital for the Cup’s future and therefore the recent announcements from the Defender are premature, at best.
Team New Zealand’s Response
The Defender has been working closely and positively with all teams on moving the America’s Cup to a new collaborative Partnership and structure to strengthen the future of the America’s Cup for the benefit of the event and all current and future teams.
PROTOCOL In an unprecedented move, the Defender in conjunction with the Challenger of Record has been working with all teams on the development of the Protocol for the 38th America’s Cup over the past few months. This has resulted in the current Protocol incorporating many ideas and positions of the teams. As a result of the significant teams input the completion of the Protocol has been prolonged.
The latest version of the Protocol went back to the Challenger of Record Athena Racing, 10 days ago, prior to the announcement of Naples. The Defender has not had any feedback back from the Challenger of Record on the latest version other than acknowledgement it had been well received by the teams.
However, the Defender now feels due to the unreasonable allegations that have been levelled at it by Athena Racing and American Magic, that it is appropriate to publicly release the latest draft version of the 38th America’s Cup Protocol today as an illustration of complete transparency.
Download Final Draft of the Protocol here
VENUE & HOST VENUE AGREEMENT
It is the responsibility of the Defender and has been an obligation of an agreement with the Challenger of Record, to secure the host venue by June 19th 2025 so all teams have clarity on one of the most important foundations of any America’s Cup.
Ahead of time, the teams now have that knowledge and understanding with the exciting announcement of Naples, Italy in 2027.
In contrast to the statement by Athena Racing, all teams have already been offered full access and transparency to the Host Venue Agreement (HVA), which was signed just last week, upon their signing of a Non-Disclosure Agreement (NDA). Such a requirement is standard practice in with any contract that contains commercial sensitivities.
The Defender is yet to receive the returned NDA’s from Athena Racing as Challenger of Record.
This is a developing story. More information will be available over the next few days. If not, we will discuss it with the mayor at his next press conference.