The organisers of the 2017 America's Cup are planning to dramatically reduce team operational costs by racing in smaller boats.
"After reviewing prototypes of the new AC45 sports boats being tested on the water over the past several months, it is clear that if we raced smaller boats in 2017 we could dramatically reduce costs without sacrificing any of the spectacle or the design, engineering and athletic challenge fundamental to the America's Cup," said commercial commissioner Harvey Schiller.
"We have a responsibility to think of what is best for the long-term health of the America's Cup as well as improving the value equation for team principals and partners. Racing a smaller boat in 2017 and beyond is a big step in the right direction.
"The existing operational costs of teams is much too high with a boat like the AC62. We discussed making this change early last year at a competitors' meeting in London but at that stage only Oracle Team USA and Emirates Team New Zealand were in favour of using a smaller boat.
"But now that the teams have seen these new boats in action there is a clear majority of competitors who support the idea. I'd like to be able to say we have unanimous support from all the teams but that is not the case."
Boat speed in the new boat is expected to be similar to what was achieved in the last America's Cup through increased time foiling and advances in design and engineering.
"This will be a big change, but it is a necessary one if we are to create a sustainable America's Cup for the future," said Sir Ben Ainslie, the skipper and team principal of Ben Ainslie Racing. "These boats will create a significant cost saving whilst still providing a real challenge for sailors and designers alike."
To lock in the cost-saving measures over the long-term several competitors, including Artemis Racing, have committed to using the new smaller class in the next edition of the America's Cup should they prevail in this one.
"These changes may help some current teams be more competitive, but this is clearly also about building the future of the America's Cup," said Iain Percy, the team manager of Artemis Racing.
The rule changes are being drafted and teams will be asked to vote on these changes before the end of March.