Late entries are required to pay the initial €7 million ($14m) entry fee – €2m of which is a loan to the ACP and will be repaid – and a US$25,000 ($43,527) payment in contribution to the costs of America’s Cup Properties Incorporated, a New York-based company that holds the America’s Cup trademark registrations and is the licensor of those marks.
The Protocol also states late entries may also have to pay a fee of €100,000 for every month, or part thereof, between October 1 and the date their entry was eventually submitted as a late entry fee.
Only American outfit Riptide Racing had previously made their hopes of launching a Cup bid public, with top match racing skipper Chris Poole fronting the charge.
However, Poole confirmed this morning that his team have not submitted a challenge.
“Although we achieved significant commitments from financial backers and partners, we ran out of time to line everything up for the 38th America’s Cup,” Poole wrote in a statement.
“With just over a year until the 39th America’s Cup cycle begins, our focus is now on carrying the momentum we’ve established forward into the next edition. Thank you again to everyone involved; we could not have reached this point without you.”
If no other American challenge has been submitted, this will be the first time the America’s Cup has been contested without an American team involved.
Speaking in October, Emirates Team New Zealand chief executive Grant Dalton hinted at a second Italian challenge being in the works, as well as the potential return of an Australian entry, while Sailing Illustrated suggested a Czech challenger was in the works.
As it stands, GB1 (UK), Luna Rossa (Italy), La Roche-Posay Racing Team (France) and Tudor Team Alinghi (Switzerland) are the confirmed challengers.
The four, along with defender Emirates Team New Zealand, are currently preparing for the first preliminary regatta of the campaign in Cagliari, Italy, in late May.
That regatta will be contested on AC40 scaled-down vessels and all teams will be allowed to enter two boats: one crewed by the main America’s Cup team and the other by Women’s and Youth America’s Cup sailors.
It is not expected that the late entries will be in action in the first preliminary regatta.
Christopher Reive joined the Herald sports team in 2017, bringing the same versatility to his coverage as he does to his sports viewing habits.