The America’s Cup Deed of Gift requires entries to represent clubs, with the event attracting some of the sport’s proudest and most prominent yacht clubs. These esteemed organizations had always ruled the roost, but now, with the increased effort to market the event and rising competition costs, their relevance has been downplayed.
This was pointed out by Larry Ellison when he was looking for a club for his first entry in 2003. When he discovered that the Golden Gate Yacht Club was having financial difficulties, he provided the necessary capital in exchange for seats on the board of directors. administration and electricity. Puppeteer to his puppet.
After a decade and a half away from sailing’s premier competition, the New York Yacht Club was back for the 2021 edition, but when they balked at doing it again for 2024, no one would have blamed them. Their last experience was the 2002-03 event where clubs mattered. Now they don’t.
But they returned for the 37th edition, aptly renaming the New York Yacht Club team American Magic so that at least their name was included. Take what you can get these days.
The America’s Cup defender’s club, Royal New Zealand Yacht Squadron, has felt the heat these days with the decision to stage the event overseas and host the 2024 event in Barcelona, Spain . In this letter to members, Commodore Aaron Young seeks to explain:
There has been much discussion and naturally many questions posed both by members directly and in the media, about the role and opinions of the RNZYS in the recent decision to stage the 37th America’s Cup defense in Barcelona. .
As administrators of the America’s Cup, we have always believed that Auckland is our preferred location, but we have also been realistic in this position, in that any decision regarding the venue must ensure viability and success. of Team New Zealand, the event, and our organization.
Unfortunately, Auckland was ultimately not an option for several reasons. These included government supply limits (although valued at $99 million in support, only $31 million of that amount was cash investment); and an understandable lack of appetite to invest more given the state of the economy and the impact of COVID.
Although there was much discussion and suggestion to the contrary (with inaccurate assumptions about revenues and costs), no confirmed private funding was available.
Whether we like it or not, the America’s Cup is a major financial undertaking – now more than ever, and while we’re disappointed Auckland can’t host the AC37, we’re very happy with Barcelona’s decision. to do.
There have been many inappropriate comments and suggestions that the squadron abdicated responsibility for this decision, and that it was indeed made by Team New Zealand without our involvement. That couldn’t be further from the truth.
Your General Committee and Team New Zealand have taken the decision to host the AC37 in Barcelona together. It was not directed by Grant Dalton alone. We have received tremendous support from all Challengers, as well as mutual support and agreement from our Challenger of Record, the Royal Yacht Squadron.
As you know, we have strict processes and structures for all major decisions that impact the squadron and you, our members. In this case, the squadron AC committee had almost daily discussions and meetings with Team New Zealand.
The General Committee (your executive) has the final decision-making role in the Club and voted 100% in favor of hosting AC37 in Barcelona, after carefully considering all the facts and consequences of which it was aware.
Although the squadron does not get involved in all the details of running the team or the event (this is the team’s responsibility under our agreement with them), we have focused on our main goal – to promote Corinthian yachting. We look forward to making sure we do it right and helping grow the sport we all love.
Team New Zealand have proudly represented the squadron for over 25 years and have won the America’s Cup four times with great success since 1995. Their approach to victory is what a sports club would like to see of a professional representative team. It is also a proven innovator, bringing many New Zealand-born ideas and technologies to the world.
We appreciate the support given to your management and your general committee around this decision and even if we know that it did not please everyone, we maintain our decision that it is the right one to take for our club. , our team and the America’s Cup event and now look forward to bringing unique member benefits to Barcelona in 2024.
Following the publication of the AC37 protocol and the AC75 class rule on On November 17, 2021, the AC75 class rule and AC technical regulations were finalized on March 17, 2022. The entry period opened on December 1, 2021 and closes on July 31, 2022, but late entries for the 37th America’s Cup can be accepted until May. September 31, 2023. The Defender was due to announce the venue for the match on September 17, 2021 but postponed the venue reveal, confirming it will be Barcelona on March 30, 2022.
The teams revealed to challenge Emirates Team New Zealand (NZL):
• INEOS Britannia (GBR)
• Alinghi Red Bull Racing (SUI)
• Team Luna Rossa Prada Pirelli (ITA)
• NYYC American Magic (USA)