American Magic has announced it will not compete in the 38th edition of the America\u2019s Cup, stating that the event\u2019s current Protocol does not provide the necessary framework for a financially sustainable campaignPaul Goodison takes control of American Magic\u2019s latest Patriot preparing for this year\u2019s America\u2019s Cup off Barcelona. Photo: Ugo Fonoll\u00e1\/America\u2019s CupThe US-based America\u2019s Cup team, American Magic has announced it will not compete in the 38th edition of the America\u2019s Cup, stating that the event\u2019s current Protocol and new Partnership Agreement \u2018do not provide the necessary framework for a financially sustainable and highly competitive campaign\u2019.
\nThe team, which has represented the New York Yacht Club in the previous two Cup cycles, made the decision following, what they call \u2018an extensive review of the governing documents\u2019.
\n\u201cAfter extensive engagement with the Defender [Emirates Team New Zealand], Challenger of Record [Athena Racing], and fellow teams, we\u2019ve concluded that the present structure does not provide the framework for American Magic to operate a highly competitive and financially sustainable campaign for the 38th America\u2019s Cup,\u201d said Team Principal Doug DeVos.
\n\u201cFor a team committed to long-term excellence, alignment around financial viability and competitive performance is essential. At this time, we don\u2019t believe those conditions are in place for American Magic to challenge.\u201d
\nThe decision comes amid significant structural changes to the America\u2019s Cup. The new America\u2019s Cup Partnership (ACP), established in the latest Protocol, fundamentally changes how the event is run.
\nThe ACP aims to spread the logistical and financial burden of hosting the event among the Challengers and Defender, creating a more commercial structure intended to secure long-term sponsorship and hosting deals.
\nHowever, the American Magic\u2019s withdrawal reflects growing concerns that this \u201cdemocratisation\u201d of the Cup, which shifts away from the traditional winner-takes-all format, may dilute the event\u2019s unique appeal and prestige.
\nCritics of the ACP argue that commercialising the competition risks turning it into a world championship circuit, potentially making it harder for teams like American Magic to raise the necessary high-level finance by reducing the unique cachet of challenging for the Auld Mug.
\nDespite the withdrawal, American Magic confirmed it remains committed to its founding purpose of building a high-performance American sailing platform. The team\u2019s focus will now shift to athlete and technology development, international competition, and supporting U.S. Olympic sailing from its base in Pensacola, Florida.<\/p>\n
If you enjoyed this\u2026.<\/p>\n
Yachting World is the world\u2019s leading magazine for bluewater cruisers and offshore sailors. Every month we have inspirational adventures and practical features to help you realise your sailing dreams.<\/p>\n
Build your knowledge with a subscription delivered to your door. See our latest offers and save at least 30% off the cover price.<\/p>\n
Note: We may earn a commission when you buy through links on our site, at no extra cost to you. This doesn\u2019t affect our editorial independence.<\/p>\n
The post American Magic announces withdrawal from 38th America\u2019s Cup appeared first on Yachting World.<\/p>\n","protected":false},"excerpt":{"rendered":"
American Magic has announced it will not compete in the 38th edition of the America\u2019s Cup, stating that the event\u2019s current Protocol does not provide the necessary framework for a financially sustainable campaignPaul Goodison takes control of American Magic\u2019s latest … <\/p>\n