The New York Yacht Club has submitted its challenge for the 37th edition of the America's Cup - with a few conditions.
The challenge was sent to the Royal New Zealand Yacht Squadron, along with an attached proposed draft protocol for the regatta.
Christopher Culver, the commodore of the New York Yacht Club, says they have serious concerns about the future of the competition.
They list costs, lack of continuity in the class and an inability to plan as hurting the number of challengers and public interest.
The draft protocol suggests a Cup Match in New Zealand in early 2024, using the AC75 class.
Beyond then, they want the Cup match to move to Italy in 2027, the United Kingdom three years later, and the United States in 2033.
The current defender and challenger of record - the Royal New Zealand Yacht Squadron and the Royal Yacht Squadron of Great Britain - are yet to formally invite challengers.