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Draft of America's Cup protocol rules released

In a joint initiative by defender Golden Gate Yacht Club in San Francisco and Italy's Club Nautico di Roma, the challenger of record, a draft of the protocol rules for the 34th America's Cup was sent Wednesday to the challenging teams.

Foremost among numerous innovations is a structure that allows funds and assets to transfer from one America's Cup to the next.

The draft is a 'listening and living' document. Teams have been invited to comment and, contribute to its final form. It offers another chance for input before the protocol is finalized and published by the target date of Aug. 31.

Click here for the full announcement.