SYDNEY - Conditions for the 2003 America's Cup off Auckland have been settled well in advance, say competition organisers.
Yachting's world body, the International Sailing Federation, said yesterday that it had signed an agreement with representatives of challenging syndicates and the defending Royal New Zealand Yacht Squadron.
Federation president Paul Henderson said in Sydney that the next cup would be run under Isaf racing rules, with modifications to reflect the special needs of America's Cup-class yachts. Isaf officials would preside.
The commodore of the yacht squadron, Peter Taylor, said the significance of the announcement was that the rules had been settled 2 1/2 years before racing was due to begin.
Agreement over last summer's America's Cup was reached only a couple of months before the Louis Vuitton Cup for challengers began.
"The accord with Isaf gives certainty to participating teams and allows them more ability to raise sponsorships," Taylor said.
Isaf said the sanctioning fee paid to the federation by the challengers and Team New Zealand as defending syndicate had increased.
On the challengers' side, the amount paid by each syndicate would vary between $US50,000 ($123,640) and $US150,000, depending on how far a challenger progressed. The defence would pay $US150,000.
The money would be divided among Isaf (40 per cent) and the national yachting authorities of countries taking part, with Yachting New Zealand getting 30 per cent of the total.
Taylor said Yachting New Zealand's share could reach $NZ750,000, more than twice last year's amount.
"The agreement is a win-win for New Zealand yachting and the squadron."
- NZPA
America's Cup rules agreed on
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