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During the past months, AC Management (ACM), the Société Nautique de Geneve (SNG) and the Club Náutico Español de Vela (CNEV), in conjunction with the competing Challengers, have worked hand in hand to develop the rules and regulations for an event in 2009. These rules and regulations were agreed by all competitors and supported by the most recent entrants bringing the number of registered syndicates to eight, with an additional two currently filing entry documents.

The ongoing uncertainty around the conclusion of the New York court case brought by BMW Oracle Racing (BOR) leaves the organizers no choice but to delay the event, as many indicators demonstrate a lack of viability to stage the event in 2009 to the same standards as the 32nd America's Cup.

The competitors' entry deadline of 15 December remains valid and for now, ACM, SNG and CNEV await the outcome of the legal process. If the New York Supreme Court rules that CNEV is valid and BOR chooses not to appeal the decision, ACM will endeavor to work with the competitors to adapt the existing rules and regulations and put in place a new framework for an event to take place at a later stage in Valencia.

Should the US Courts rule against CNEV, SNG will accept the Golden Gate Yacht Club Deed of Gift Challenge and meet them in a vessel, possibly a multihull, in accordance with the terms of the Deed of Gift.