While the regattas of the 37? America's Cup still belong to recent memory, the organization of the 38? edition starts in a climate of instability. Two successive announcements profoundly altered the balance of power: the withdrawal of Ineos Britannia and the departure of Peter Burling from Emirates Team New Zealand.
Peter Burling, a page turns for the Kiwis

Peter Burling, the emblematic helmsman of New Zealand sailing, leaves the team after a ten-year collaboration marked by three successive America's Cup victories. With Blair Tuke, his accomplice since their 49er skiff days, he has redefined the standards of foiler steering. His decision to step down comes at a time when no agreement has been reached on the next step, despite several months of negotiation. Burling's growing commitment to the SailGP circuit and to the Live Ocean environmental foundation seems to have played a part in this decision.
A change of cycle for Team New Zealand

In a context of shorter design cycles and accelerated integration of sailors into design teams, the New Zealand team is entering a new phase. Peter Burling left his mark on the Cup with 22 race victories, but the technical and human demands imposed a different kind of commitment. CEO Grant Dalton pays tribute to his helmsman, but also marks the end of a cycle. No successor has yet been announced.
Ineos Britannia throws in the towel

The day after Team New Zealand's announcement, Ineos Britannia made its withdrawal official. The British team led by Sir Jim Ratcliffe is ending its campaign, due to a lack of agreement with Athena Racing Ltd, led by Sir Ben Ainslie. The internal disagreements that emerged in Barcelona during the 37? Cup were fatal to the future of the British challenge. This withdrawal eases the pressure on the New Zealand defender, but weakens the balance of the challenger field.
Impact on the Cup ecosystem
The absence of Ineos Britannia and the departure of Burling raise the question of the renewal of team leaders. With ever-shorter cycles, cohesion and expertise become crucial. The role of Challenger of Record, assumed by Athena Racing, will have to be clarified, while the Royal Yacht Squadron is struggling to stabilize its project.
A future between SailGP, Live Ocean and new talent
Peter Burling turns to other horizons, notably his Black Foils structure involved in SailGP, and his Live Ocean foundation, focused on ocean protection. He leaves the Cup with one of the finest track records on the circuit, but remains a leading figure in international sailing. The next edition will therefore open without him, with a reshuffled line-up and increased strategic uncertainty.
The 38? America's Cup will have to deal with the absence of two of its major figures. While Burling's succession to the Kiwis remains to be built, the withdrawal of Ineos weakens the competition. It remains to be seen whether Athena Racing will be able to revive interest and attract new challengers in a changing format.