The Royal New Zealand Yacht Squadron confirmed on Friday that Britain's INEOS Britannia was the Challenger of Record in the 38th America's Cup. This sets the stage for next year's edition of the most prestigious sailing competition.

The Challenger of Record and Defender Emirates Team will collaborate to finalise the race rules, and manage any other challenges.

The organizers have decided to limit the number of teams that can build a new boat to one, increase the number preliminary regattas, and stick to the AC75 monohull foiling vessels. The next Cup will be held within three years after the 2024 event. The venue for the event will be announced soon.

Qualifying regattas allow additional challengers to enter the competition. The America's Cup competition is open to any yacht club meeting the entry requirements. However, the Challenger of Record has a key role in shaping and ensuring participation by other challengers.

Grant Dalton, CEO of Emirates Team New Zealand, said: "This partnership will ensure that the America's Cup grows." Bertie Bicket, Chairman of INEOS Britannia, highlighted plans to reduce costs and increase participation.

Audiences for the 2024 America's Cup, in which Emirates Team New Zealand beat INEOS Britannia by 7-2, reached record levels. Both teams aim to build upon this success and further expand the event's appeal globally and commercial reach in the 38th edition.

The America's Cup has never been won by Britain. It began in 1851, with a race on the Isle of Wight near the south coast of England.

(source: Reuters)