America's Cup teams have agreed to a new framework for the sport's oldest trophy "which aims to make it easier to meet the multi-million dollar costs of hi-tech boats, raise sponsorship and give clarity for sailors, fans and broadcasters," according to Alexander Smith of REUTERS. Although five of the six competitors in the 35th America's Cup in Bermuda in May and June have signed up to the plan for subsequent events, Emirates Team New Zealand has not. ETNZ skipper Glenn Ashby "expressed misgivings in July about signing up to what was then still just a proposal, saying the team was concerned about the restrictions it could impose." Land Rover BAR CEO Martin Whitmarsh said, "We remain optimistic that they (ETNZ) will come on board in the future and it is clear that cooperation is better for all of the stakeholders in the America's Cup." The agreement signed by defender Oracle Team USA, Artemis Racing, Team France, Land Rover BAR and SoftBank Team Japan and their respective yacht clubs marks a "major shift" for the "Auld Mug," which is governed by a Deed of Gift. The new framework "will determine the format of the next two America's Cup cycles, its protocols and its class rules." Until now, the winning yacht club and its team "have become the event's trustees, responsible for outlining the terms of the next edition." Whitmarsh added that the "target cost to field a competitive new team" would now be $30M-$40M, which would represent a "significant reduction" from existing budgets (REUTERS, 1/25).
