The America’s Cup : New, Old Bond in America’s Cup : Australian Initiates Agreement on Yachting Future

San Diego —  The only three yacht clubs ever to hold the America’s Cup moved Thursday to head off future Michael Fay-type challenges.

The San Diego, Royal Perth and New York yacht clubs announced an agreement to establish a Trustees’ Committee “to resolve disputes between participants in America’s Cup XXVIII (in 1991).”

The agreement was initiated by Australia’s Alan Bond, who won the Cup on his fifth try in 1983, failed to reach the defender finals in ’87 and was shut out of this one because of Fay’s maverick challenge issued through the Mercury Bay Boating Club of New Zealand.

It was called a historic document by Warren Jones, who has managed Bond’s campaigns, and a new era in the America’s Cup by Malin Burnham, Sail America Foundation president.

But the agreement, reached after three days of discussions this week, will have no effect on the current competition or Fay’s case against the catamaran, Stars & Stripes, which won Wednesday’s first race by 18 minutes 15 seconds.

Fay was not party to the discussions, nor was he asked to sign the agreement, but he said he will abide by its terms.

The key points are that there will be a 60-day challenge period after this competition, during which time all challenges received for the next Cup will be considered as being received simultaneously, and that the next defense will be conducted “no earlier than 24 months after the conclusion of all proceedings, including any legal proceedings.”

That could be a problem in starting the next elimination rounds in May of ‘91, as San Diego hopes to do, because Fay’s case against the catamaran has the possibility of appeals that could take two or moreyears.

And Fay said Thursday he isn’t about to drop it.

“New Zealand’s position has been consistent from last December on the protest of the catamaran,” Fay said. “(The catamaran) became the (official) defender (Wednesday).

“(Thursday) night we wrote an appropriate letter to the defending club--the San Diego Yacht club--subject to tomorrow’s race and the boat that enters that race. If necessary, we will immediately follow that protest up in the New York Supreme Court.

“We want this resolved as quickly as possible. We will expedite things on every occasion to get the final decision.”

According to the agreement, there will be one trustee from each club. Fay’s Mercury Bay Boating Club will not be represented, even if his big boat, trailing, 1-0, pulls an amazing comeback to win the current best-of-three competition, or if he prevails in court.

Nor does the agreement preclude another maverick challenge from someone not party to it, since the Deed of Gift remains the overriding legal force of the Cup.

The three clubs intend to seek amendments to the deed after the next competition.

Until then, Snyder conceded, the agreement “is somewhat tentative. It depends upon the support of everyone, including all potential challengers.”