The Royal New Zealand Yacht Squadron has formally accepted entries from ten syndicates representing yacht clubs from six countries for the Louis Vuitton Cup. The challengers will compete for the Louis Vuitton Cup in Auckland October 2002 over a period of four months. The winner of the Louis Vuitton Cup will become the sole challenger for the America’s Cup, and will have to battle it out with the current holders, Team New Zealand.

Last year the Royal New Zealand Yacht Squadron appointed the Italian Yacht Club Punta Ala with the job of selecting the best challenger for the America’s Cup. Among others, the board members include Julia Harrison-Lee, representing RORC and the GBR Challenge. One of the main issues debated at recent meeting of the challengers was the subject of the mandatory performance bonds that are expected to be paid by the syndicates between now and the next event. The reasoning behind the performance bond is to estimate a firm number of challengers participating in the Louis Vuitton Cup, which is an important factor when considering course management.

The board and challengers will be holding regular meetings between now and the start of the America’s Cup season, the next meeting being held in June.