America's Cup enters new era with post-Bermuda team deal

Britain Sailing - America’s Cup Media Event - House of Garrard, Mayfair, London - 25/1/17 Sir Ben Ainslie and CEO of the Land Rover BAR team Martin Whitmarsh with Jimmy Spithill of the Oracle Team USA during a press conference Action Images via Reuters / Andrew Couldridge Livepic

LONDON (Reuters) - America's Cup teams have agreed a new framework for sport's oldest trophy which aims to make it easier to meet the multi-million dollar costs of hi-tech boats, raise sponsorship and give clarity for sailors, fans and broadcasters.

It will determine the format of the next two America's Cup cycles, its protocols and its class rules. But in keeping with the tradition of the 166-year-old event, whichever team wins in Bermuda in June will decide where the next one is held.