America's Cup Returns to Naples in 2027: New Partnership Model Levels the Playing Field

The America's Cup Partnership has appointed Marzio Perrelli as its first-ever Chief Executive Officer, a strategic move designed to centralize commercial operations and secure long-term financial stability for the world's oldest international sporting competition. Perrelli, who officially assumed the role today, brings a heavyweight résumé from finance and sports media—credentials the ACP board believes will translate the historic sailing event's prestige into sustained revenue and broader global reach.

Why This Matters

• New governance model: For the first time in 174 years, all competing teams share equal voting power and representation—no single Defender calls the shots.

• Biennial racing calendar: The America's Cup shifts to a predictable two-year cycle, starting with preliminary regattas in Sardinia on May 21–24, followed by the main event in Naples in spring/summer 2027.

• €75M spending cap per team: Cost controls and revenue-sharing aim to level the financial playing field and attract new syndicates.

• Women on board: Each AC75 crew must include at least one female sailor—a historic first for the competition's flagship class.

From Wall Street to the Waterfront

Perrelli's career arc reads like a playbook for modern sports commercialization. He cut his teeth in high-level finance roles at Goldman Sachs and HSBC across the UK, United States, and Italy before pivoting to media in 2018. At Sky Italia, he served as Executive Vice President overseeing the entire Sky Sports division—editorial, production, and the acquisition and promotion of sports rights portfolios. That dual expertise in capital markets and content distribution is precisely what the ACP seeks as it negotiates broadcast deals, sponsorship packages, and venue partnerships on multiple continents.

"The America's Cup is the most prestigious international sporting competition," Perrelli said in a statement. "Our responsibility today, on behalf of all stakeholders, is to preserve its rich heritage while ensuring greater continuity, stability, and long-term growth. By strengthening governance and long-term planning, we aim to create the conditions for sustained investment, continued innovation at the pinnacle of sport, and broader global engagement."

The timing is no accident. Perrelli steps in just six weeks before the Sardinian preliminary races and less than 14 months ahead of the Naples showdown—a period when commercial negotiations, broadcaster commitments (the Italian state broadcaster RAI has already signed on), and sponsor activations reach fever pitch.

What the New ACP Structure Actually Changes

Until November 2025, the America's Cup operated under a Defender-centric model: whichever syndicate won the previous edition wielded near-absolute control over the next race's protocol, calendar, venue, and commercial rights. That asymmetry often led to drawn-out negotiations, irregular four-year (or longer) gaps between events, and financial uncertainty that deterred potential challengers.

The America's Cup Partnership flips that script. Formed as a joint consortium among all participating teams, the ACP functions as a centralized entity managing planning, organization, commercial activities, rights, contracts, revenues, assets, and personnel—all while adhering to the Deed of Gift and the official protocol. Every team now holds equal voting power on the ACP board, transforming former rivals into co-custodians of the event's future.

Grant Dalton, CEO of Emirates Team New Zealand and Defender of the 38th edition, remains Chairman of the ACP but no longer monopolizes decision-making. "The formation of ACP offers security and continuity for future regattas," Dalton explained. "Initiatives like the Guest Racer slot aboard the AC75s and the ongoing reconnaissance program offer undeniable multimedia opportunities for growth. Marzio joins the team at the right moment, with all the necessary credentials to advance the event and the sport."

Five Teams Confirmed, Naples Set to Host

As of the January 31, 2026 entry deadline, five founding syndicates have locked in:

• Emirates Team New Zealand (NZL) – Defender

• Athena Racing (GBR) – Official Challenger of Record

• Luna Rossa (ITA) – Host nation representative

• Tudor Team Alinghi (SUI) – Switzerland

• K-Challenge (FRA) – France

Industry chatter has swirled around a second Italian challenge, an Australian entry, and Riptide Racing from the United States, which sought to maintain America's unbroken participation record. Whether any late applicants cleared the deadline remains to be confirmed by the ACP.

Naples will stage the Louis Vuitton Cup (challenger selection series) and the America's Cup Match in spring and summer 2027. Preliminary events are scheduled throughout 2026, including the Sardinian regatta in late May and subsequent reconnaissance sessions that allow teams to test modified AC75s and debut the AC40 development class.

What This Means for Residents and Sailing Enthusiasts

For Italy-based fans, sponsors, and maritime industry stakeholders, the ACP model translates into predictable event windows and clearer commercial partnerships. Venues like Naples can plan multi-year infrastructure investments—hospitality zones, media centers, public viewing areas—without the risk that a Defender might suddenly relocate the next edition to the other side of the globe.

The €75M spending cap per team also matters locally. Italian suppliers, riggers, sail lofts, composite manufacturers, and marine-electronics firms stand to benefit from a more level competitive field that encourages multiple challengers rather than a single billionaire-backed juggernaut. Shared revenues mean mid-tier syndicates can afford quality Italian craftsmanship, spreading economic impact beyond the single Defender's base.

Luna Rossa's home advantage as the Italian challenger adds another layer of local engagement. The syndicate's presence guarantees significant on-water activity in Italian waters during training windows and regattas, driving tourism, media coverage, and youth sailing programs.

Inclusion Milestones and Technical Innovations

The 38th America's Cup introduces several firsts designed to broaden participation and control costs:

• Mandatory female crew member: Each five-person AC75 crew must include at least one woman—a landmark shift for a competition historically dominated by all-male lineups.

• AC40 youth and women's pathway: Teams must field two AC40s in preliminary races; one must be crewed by young sailors and women, creating a direct development pipeline.

• Guest Racer slot: For the first time since 2007, a dedicated berth aboard the AC75 during official races allows media, sponsors, or fans a firsthand vantage—enhancing storytelling and commercial appeal.

• No new hulls: Existing teams must reuse or modify AC75 hulls from the 36th or 37th editions; new entrants may purchase a used boat or build to the AC37 design. This rule shifts innovation toward foils, sails, and control systems while capping costs.

• Battery power replaces cyclors: The pedal-powered grinding systems are out; all hydraulic and control functions now draw from standardized battery packs, changing crew dynamics and energy management.

• Sustainability requirements: Support vessels must run on electric, hydrogen, or biofuel power, and hull construction undergoes lifecycle analysis to track environmental impact.

Training with modified AC75s opened January 15, 2026, and joint reconnaissance programs will feed data back to the ACP and teams throughout the year. A final AC75 preliminary regatta is slated shortly before the Louis Vuitton Cup kicks off in Naples.

The Bottom Line for Governance and Growth

By embedding equal representation, a biennial calendar, centralized commercial management, and strict cost controls, the ACP aims to transform the America's Cup from an episodic, Defender-dominated spectacle into a recurring, financially sustainable global property. Perrelli's mandate is clear: leverage his finance and media experience to maximize broadcast rights, sponsorship income, and fan engagement—then distribute those gains equitably to keep all five (or more) teams competitive and committed for the long haul.

Whether this partnership model can truly deliver "sustained investment" and "continued innovation" will hinge on Perrelli's ability to negotiate lucrative deals in a fragmented media landscape, manage diverse team interests without the veto power previous Defenders enjoyed, and convince new syndicates that the spending cap and shared governance make entry worthwhile. For now, the structure is in place, the CEO is at the helm, and the countdown to Sardinia—and then Naples—has begun.