It's hoped the next America's Cup will be both affordable and commercial.
The protocol of the 36th incarnation of the event will be announced at 10am.
Former America's Cup skipper Chris Dickson told Mike Hosking there should be between eight and 12 teams to make a great event.
And he said the cup has to work commercially.
"If it works commercially and it's a great event then the people will come and if the people come and watch then the sponsors are there and that brings in money."
Dickson said there were beautiful shots of Bermuda but the teams didn't come and it didn't work commercially.
LISTEN ABOVE AS CHRIS DICKSON SPEAKS WITH MIKE HOSKING