It is stated in the Deed of Gift that the America’s Cup is a competition between clubs, a reference repeated 17 times. But when the cost to compete exceeded what clubs could offer, control shifted to the teams, with clubs now more or less fulfilling just an entry requirement.
For Dennis Conner, after representing New York Yacht Club and San Diego Yacht Club, he entered the 2000 America’s Cup under Cortez Racing Association, a club with no facility which organizes local racing in San Diego, CA. Larry Ellison took it a step further, funding Golden Gate Yacht Club and filling its board with employees.
Teams now control their club’s involvement as explained by Aaron Young, Commodore of Royal New Zealand Yacht Squadron, holder of the America’s Cup: