Ernesto Bertarelli released an open letter in which he called for major changes in the Deed of Gift, the 120-year-old document that governs the competition.

Bertarelli's first proposed change was that rather than have the defender automatically qualify for the America's Cup final, it would instead sail against all teams from the start on an equal basis.

Bertarelli also proposed a long-term schedule of race venues and rules that would allow syndicates to program campaigns in advance similar to planning for the Olympics or soccer World Cups.

His final point referred to how disputes in the America's Cup are currently resolved through the New York State Supreme Court. Bertarelli suggested a better option might be for the race to be governed by a board of trustees made up of members of previous winners.

After the publication of the letter, the New York Yacht Club confirmed that it has agreed to join discussions related to the future conduct of racing for the America's Cup.

Charles H. Townsend, commodore of the New York Yacht Club, announced that the Club would be represented in discussions with the Cup community by Trustee and Chairman of the Club's America's Cup Committee, George W. Carmany III.

"In addition to Ernesto Bertarelli, we have received an expression of support for this initiative from Larry Ellison, owner of Golden Gate Yacht Club's (GGYC) America's Cup team," said Mr. Carmany. "We hope that our discussions will lead to agreements that will benefit all members of the broader America's Cup community."