Yesterday evening, the Arbitration Panel reached a decision on the ACAP 33/01 case, in the matter of the validity of the challenge of Club Náutico Español de Vela ("CNEV") for the 33rd America's Cup.

"This is a very important milestone as the Arbitration Panel confirming CNEV as the Challenger of Record and that the Protocol complies with the Deed of Gift, gives us further confidence to continue our plans and work on organising the 33rd America's Cup campaign both in 2008 and 2009." said Michel Hodara, on behalf of America's Cup Management.

Summary of the decision of the Panel is as follows:

"- The Panel
(i) has the competence to rule on its own jurisdiction and
(ii) also has jurisdiction to rule on the present matter;

- The challenge for the 33rd America's Cup made by CNEV on July 3, 2007
(i) is a valid challenge entitling CNEV to challenge for the America's Cup as Challenger of Record and
(ii) SNG is obligated to accept (as it was the first valid challenge it received);

- The Protocol signed by SNG and CNEV on July 3, 2007 complies with the Deed of Gift; and

- Although this does not affect the compliance of the existing Protocol with the Deed of Gift, the Panel believes that SNG and CNEV should consider amending the Protocol in respect of some of its provisions as stated in points [155] and [156]."

To clarify this final point, this recommends that some changes are made to the way the Arbitration Panel is administered. The full Panel Decision will be made available from the America's Cup website on Monday 10 September.

Additionally, ACM is pleased to report that a Competition Commission meeting took place on Friday morning with all the entered competitors and was the start of the planning process for the new class rule and competition regulations, which will include a schedule and format for the 33rd America's Cup.

This meeting also gave the Competition Commission the opportunity to discuss further elements of the Protocol and there are further meetings planned in the coming weeks.