America’s Cup: Devil is in the details

Following the release of the Protocol for the 38th America’s Cup, Defense and Challenger of Record leaders, Grant Dalton and Ben Ainslie respectively, met with the media to discuss the next edition. Here are some highlights:

Spending limit:
While the Protocol has budget cap for the teams of €75m ($87.2m USD), Dalton admitted that this is not fair for the active teams that have been spending money since the 2024 event. Expect a modified cap for AC38 and a firm cap by the 39th edition.

Crew size:
The racing crew in 2027 will consist of five sailors, which is down from eight in 2024 and 11 in 2021. The irony is how salaries had steadily increased over the past two decades for the America’s Cup, seemingly a good thing, but now the boats are being designed for fewer crew, as Ainslie admitted, to save money.

Women on the crew:
Both Dalton and Ainslie felt that a gender mandate was wrong as all crew should earn their spot by ability. However, they both also wanted to continue the gains which occurred in the Women’s America’s Cup, and feedback indicated a rule requiring women was the right thing to do.

Using hulls from 2024:
This is a money saver as they believe the variance in hull shapes from AC37 had very little impact in overall performance, with the gains being made in the control systems, foils, rig, and sails. Dalton figures they could have won AC37 with their winning hull from AC36 in 2021 as long as all the gear had been updated.

What’s next:
The 38th America’s Cup will be the third edition for the AC75 Class, with no decisions made on whether it will be the last.

Deed of Gift:
The framework for AC38 significantly changes the guidance given by the Deed of Gift, which is fine because there has been mutual agreement. But with the desire for this framework to automatically be used beyond this event, it appears necessary for the Supreme Court of the State of New York, which has previously amended the 1887 document in 1956 and 1985, to do it again.

Details: https://www.americascup.com/

Defender New Zealand and Challenger of Record from Great Britain confirmed the Protocol for the 38th America’s Cup on August 12, 2025. After the 2024 event, Barcelona, Spain declined hosting another edition, with the venue moved to Naples, Italy . Racing will be in the spring and summer of 2027.