Hogan Lovells advises Athena Racing on landmark Americas Cup Partnership deal

The Defender, Emirates Team New Zealand representing the Royal New Zealand Yacht Squadron and the Challenger of Record, Britain's Athena Racing representing the Royal Yacht Squadron Ltd, have officially agreed to the terms for the formation of the America’s Cup Partnership after working through the final points in establishing the partnership, which Hogan Lovells was pleased to host in New York last week. This new governance structure will bring all participating teams in the Louis Vuitton 38th America’s Cup together to govern and grow the America’s Cup collectively.

This historic agreement marks the first time in the event’s 174-year history that competing teams have united under a shared governance and commercial structure to more permanently manage the competitions, share economics, and maximize engagement with fans around the globe.

The America’s Cup Partnership will be driven by a new governance board, with each team having a seat on the board, that will establish an independent management team focused on commercial growth, long-term investment into the event and the teams, continued technical development, and innovation across enduring competition cycles of the America’s Cup, which will be contested every two years. 

Teams have until 31 October 2025 to enter the Louis Vuitton 38th America’s Cup (AC38) and become part of the America’s Cup Partnership.

“The America’s Cup is a global competition, bringing together competitors and fans from around the world. Likewise, this transaction has been a global endeavor, with advisors from a number of critical jurisdictions and practice areas participating. Working on the America’s Cup Partnership is a landmark moment for our New York office and a defining achievement for our world-renowned cross-border sports practice, and especially gratifying considering the historic connection between New York and the America’s Cup,” said New York Office Managing Partner Michael Kuh. “This work is emblematic of the caliber of clients who trust us with their most high-profile and complex matters, and is a testament to the strength of our cross-border collaboration and deep sector experience. We’re proud to have played a leading role in a deal that will shape the future of international sailing.”

Steven Palyca, counsel at Hogan Lovells, added, “Supporting Athena, including in its capacity as the current Challenger of Record, has been an honor. Taking a step back and considering the long and venerable history of the America’s Cup, knowing that the America’s Cup Partnership will play a key role from AC38 onwards is particularly rewarding, if a bit humbling.”

Athena Racing CEO, Team Principal and four-time Olympic Champion and America’s Cup winner Sir Ben Ainslie added, “The America’s Cup partnership marks a truly monumental step forward in the event’s history, addressing 174 years of historical governance while respecting its ethos and developing a modern framework. Achieving this was complex, and we needed the very best legal advice. Hogan Lovells more than delivered. I would like to thank Mike, Steve, and the Hogan Lovells team for their incredible efforts. We wouldn’t hesitate to work with them again.”

More information on the transaction can be found here.

The Hogan Lovells New York and London-based deal team was led by New York Office Managing Partner Michael Kuh (Private Equity & Funds, New York), partners Amelia Stawpert and James Cross (both Private Equity & Funds, London), counsel Steven Palyca (M&A, New York), senior associates Zohra Sayedy (M&A, New York) and Chloe Honeyborne (M&A, London), and associates David Duquette (M&A, New York) and Hannah Dingemans (M&A, London). 

Additional support was provided by partner and Practice Area Lead – Tax Pensions, & Benefits Elliot Weston (London), partners Alice Wallace-Wright (Antitrust, Competition & Economic Regulation, London) and Serena Pietrosanti (Tax, Pensions & Benefits, Rome), counsel Maria Cristina Conte (Tax, Pensions & Benefits, Rome), senior associates Catherine Lah (M&A, London) and Natasha Newey (Tax, Pensions & Benefits, London), and associates James Hotchkiss (Tax, Pensions & Benefits, London), James Dayman (Antitrust, Competition & Economic Regulation, London), and Mariateresa Soave Carparelli (Tax, Pensions & Benefits, Rome).