Late entries are required to pay the initial \u20ac7 million ($14m) entry fee \u2013 \u20ac2m of which is a loan to the ACP and will be repaid \u2013 and a US$25,000 ($43,527) payment in contribution to the costs of America\u2019s Cup Properties Incorporated, a New York-based company that holds the America\u2019s Cup trademark registrations and is the licensor of those marks.<\/p>\n
The Protocol also states late entries may also have to pay a fee of \u20ac100,000 for every month, or part thereof, between October 1 and the date their entry was eventually submitted as a late entry fee. <\/p>\n
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.<\/p>\n
However, Poole confirmed this morning that his team have not submitted a challenge. <\/p>\n
\u201cAlthough we achieved significant commitments from financial backers and partners, we ran out of time to line everything up for the 38th America\u2019s Cup,\u201d Poole wrote in a statement. <\/p>\n
\u201cWith just over a year until the 39th America\u2019s Cup cycle begins, our focus is now on carrying the momentum we\u2019ve established forward into the next edition. Thank you again to everyone involved; we could not have reached this point without you.\u201d <\/p>\n
If no other American challenge has been submitted, this will be the first time the America\u2019s Cup has been contested without an American team involved. <\/p>\n
Speaking in October, Emirates Team New Zealand<\/a> 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. <\/p>\n As it stands, GB1 (UK), Luna Rossa (Italy)<\/a>, La Roche-Posay Racing Team (France)<\/a> and Tudor Team Alinghi (Switzerland) are the confirmed challengers. <\/p>\n 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. <\/p>\n 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\u2019s Cup team and the other by Women\u2019s and Youth America\u2019s Cup sailors. <\/p>\n It is not expected that the late entries will be in action in the first preliminary regatta. <\/p>\n