Emirates Team New Zealand has just broken its silence—and broken with tradition.
In an unusual step for the Defender of the America’s Cup, ETNZ has publicly released the latest draft of the AC38 Protocol, responding to sharp criticism from Athena Racing and American Magic, who overnight New Zealand time accused the team of undermining transparency and delaying progress.
I am reviewing the draft Protocol now – shortly you will get highlights from us!
The release is a direct challenge to the suggestion that the event’s governance is being steered without consultation. And in typical Kiwi fashion, the response is firm, but measured.
“The Defender, in conjunction with the Challenger of Record, has been working with all teams on the development of the Protocol… which incorporates many ideas and positions of the teams,” the statement reads.
Far from being a secretive process, ETNZ says the extended timeline for protocol release is down to the volume of feedback from all stakeholders—Athena and American Magic included.
Naples announcement under fire
Read our article on Naples being named the venue here
Much of the controversy centres on last week’s announcement that Naples, Italy will host the next America’s Cup. Critics say the venue deal came ahead of a finalised protocol—and before challenger teams had sight of the financial and legal obligations it would impose.
But ETNZ is pushing back, arguing that securing a venue is both their responsibility and a shared understanding with the Challenger of Record.
“It is the responsibility of the Defender… to secure the host venue by June 19th 2025,” the statement explains. “Ahead of time, the teams now have that knowledge and understanding.”
They also insist that full access to the host venue agreement (HVA) has already been offered—to all teams, under standard commercial confidentiality terms. That access hinges on the signing of a Non-Disclosure Agreement, something ETNZ says Athena Racing has not yet returned.
A protocol in plain sight
In what appears to be a direct rebuttal to claims of opacity, Emirates Team New Zealand has gone public with the latest draft of the 38th America’s Cup protocol. It’s an unusual but strategic move, intended to show that collaboration has been ongoing—and that there’s little to hide.
The draft had been with Athena Racing for over a week before the Naples announcement, according to ETNZ, and the only response received so far was that it had been “well received” by other teams.
The message is clear: the process is working, but it’s being delayed not by stonewalling, but by the time it takes to accommodate everyone’s input.
Reading between the lines
The publication of the protocol may cool things down temporarily, but the standoff has laid bare some deeper tensions within the AC38 campaign. While ETNZ is clearly standing by its process and principles, the public airing of grievances suggests a growing frustration among challengers—particularly around control of the narrative and perceived power imbalances.
Yet by releasing the draft, the Defender has done something rare in professional sport: it’s pulled back the curtain.
What happens next may depend less on who’s right, and more on who’s willing to keep talking. The deadline to lock in the venue and final protocol is 19 June—less than a month away. That leaves little time for egos and plenty of pressure to find common ground.
As it stands, ETNZ has made its move. And for now, it’s put the onus back on the challengers to respond not with accusations, but with constructive engagement.
Full ETNZ statement
The Defender has been working closely and positively with all teams on moving the America’s Cup to a new collaborative Partnership and structure to strengthen the future of the America’s Cup for the benefit of the event and all current and future teams.
Protocol
In an unprecedented move, the Defender in conjunction with the Challenger of Record has been working with all teams on the development of the Protocol for the 38th America’s Cup over the past few months. This has resulted in the current Protocol incorporating many ideas and positions of the teams. As a result of the significant teams input the completion of the Protocol has been prolonged.
The latest version of the Protocol went back to the Challenger of Record Athena Racing, 10 days ago, prior to the announcement of Naples. The Defender has not had any feedback back from the Challenger of Record on the latest version other than acknowledgement it had been well received by the teams.
However, the Defender now feels due to the unreasonable allegations that have been levelled at it by Athena Racing and American Magic, that it is appropriate to publicly release the latest draft version of the 38th America’s Cup Protocol today as an illustration of complete transparency.
