A draft of the protocol rules for the 34th America's Cup was sent to the challenging teams in a joint initiative by the defender, San Francisco's Golden Gate Yacht Club, and the challenger of record, Italy's Club Nautico di Roma.
Among the proposals is a structure that allows funds and assets to transfer from one America's Cup to the next.
Teams have been invited to comment on and contribute to the final rules.
"This has been a painstaking process, but we believe it sets out a new deal for the America's Cup and fair play for all teams. It also incorporates the vision of the Cup held by Larry Ellison and BMW Oracle Racing," said Russell Coutts, CEO of BMW Oracle Racing. "To create a fair playing field, we plan to issue all of the event rules before the end of the year and this is a significant first step in that direction."