In an excellent spirit of co-operation, the International Sailing Federation, Challenger of Record and Defence (COR/D) today signed an Agreement covering the conditions by which the 2003 America's Cup will be organised.
The 2003 America's Cup will be run under the ISAF Racing Rules of Sailing, but in order to reflect the specific needs of the America's Cup Class yachts, modifications may be made to the Racing Rules which will only be applicable for events under the direction of COR/D.
ISAF and COR/D will ensure the best and most experienced ISAF Race Officials are appointed to officiate, to ensure a level-playing field and fair play in such a high-profile event.
COR/D will pay a sanctioning fee to ISAF, which ISAF in turn will share with the Member National Authorities of the Defender and Challengers.
ISAF and COR/D are delighted to have signed this agreement so far in advance of the 2003 America's Cup, which reflects the relationship developed in the overall interests of the sport.
Signing the agreement were Paul Henderson (CAN) - ISAF President, Peter Taylor (NZL) - Royal New Zealand Yacht Squadron Commodore, Sergio Gaibisso (ITA) - Federazione Italiana Vela President, on behalf of the Yacht Club Punta Ala and Arve Sundheim (NOR) - ISAF Secretary General.