Changes to rules around the America's Cup framework don't have Emirates Team New Zealand on board.
The changes to sports oldest trophy 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 said five time America's Cup winner and America's Cup chief executive Sir Russell Coutts.
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, ETNZ, have not.
"Emirates Team New Zealand is not here today, but they have been kept updated on all developments throughout the creation of the framework agreement," said Martin Whitmarsh head of the challenger Land Rover Ben Ainslie Racing.
"We remain optimistic that they 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," he said.
However Emirates Team New Zealand is opposed to the new rules on the basis future America's Cup formats should be decided by the Defender and Challenger of record as it has been historically.
The new framwork states:
*The America's Cup will be on a two-yearly cycle.
*The second year will see a transition to the America's Cup Class (ACC) boats, the same technically sophisticated class of boats raced in Bermuda in 2017 (with a slight rule modification to extend the wind range in which they can race to 4 to 26 knots). After this transition to the America's Cup Class (ACC), the AC45Fs will be retired from the America's Cup competition and the ACC boats will be the only boats raced.
*The America's Cup Challenger Finals and America's Cup Match will be held in 2019 in a venue selected by the winner of the 35th America's Cup.
*To reduce costs, teams will not be permitted to build, test or train on AC45 surrogate boats as they have in this cycle of the America's Cup.
*This above will repeat for AC37, with the exception that all racing will take place in America's Cup Class (ACC) boats.
"The target cost to field a competitive new team is in the US$30-40 million range, a significant reduction from current team budgets," said Whitmarsh.
Five time America's Cup winner Sir Russell Coutts said "this is a hugely significant moment for the America's Cup.
"For the first time in more than 165 years, the teams have got together for the benefit of not only themselves but for the America's Cup."
"People who want to enter this race now know how much it will cost, what kind of boat they need to build and that the rules can't change on them," said Larry Ellison, the Team Founder of Oracle Team USA.
Racing in the 35th America's Cup will take place in Bermuda in May/June of this year and the 36th America's Cup cycle will commence thereafter in 2019, followed by the 37th America's Cup two years later.
The shortening of the time between America's Cup regattas would mean a quicker turnaround and could be part of the reason why Team New Zealand is reticent to sign up to the new rules.