Sailing: Team New Zealand confirmed to race in World Series regatta

Italian America's Cup challenger Luna Rossa launch their second boat in Auckland.

Team New Zealand has been cleared to compete in next month's dress rehearsal for the America's Cup, with a standoff over the format for the World Series regatta and the Christmas race resolved.

Team NZ faced being banned from the World Series event after missing the payment deadline of the $435,000 entry fee earlier this month, but will now line up against the Challenger of Record, Italian syndicate Luna Rossa, in the first competitive race in its boat for the America's Cup at 3pm on December 17 - in the first of four match races.

The Kiwi team was the last of the four syndicates to launch their second-generation AC75 for the America's Cup, unveiling Te Rehutai in Auckland last week.

Britain's INEOS Team UK and New York Yacht Club's American Magic will also compete in the three-day World Series event, as well as the Christmas Cup race on the Waitemata Harbour and the Hauraki Gulf.

Team New Zealand's boat Te Rehutai training in Auckland. Photo / Photosport

Team NZ and the Challenger of Record were understood to have been at odds over the format for the events, but have seemingly agreed that the first three days of the World Series will see four races per day of round robin competition when all of the four teams will race each other twice.

The fourth day (Christmas Cup race) will be comprised of two knockout stages, the first consisting of two head-to-head match ups, with the winners of each progressing to the final and the losers to a third/fourth match which will help decide the final rankings. The pairing for the Christmas race semifinals will be decided by the results of the World Series double round robin.

The Prada Cup, contested between the three challengers, starts on January 15 with the winner advancing to the America's Cup match - and the chance to dethrone Team NZ - from March 6.

World Series

December 17: Team NZ v Luna Rossa, American Magic v INEOS Team UK, INEOS Team UK v Luna Rossa, American Magic v Team NZ.
December 18: Luna Rossa v American Magic, Team NZ v INEOS Team UK, American Magic v Luna Rossa, INEOS Team UK v Team NZ.
December 19: Luna Rossa v INEOS Team UK, Team NZ v American Magic, INEOS Team UK v American Magic, Luna Rossa v Team NZ.

Christmas race (all on December 20)

Semifinal 1: 1st-placed qualifier v 4th-placed qualifier
Semifinal 2: 2nd-placed qualifier v 3rd-placed qualifier
Third-placed playoff: Loser Race 1 v Loser Race 2
Final: Winner Race 1 v Winner Race 2