America's Cup teams agree new framework for 2019 and 2021

The new framework was announced at a press conference in London

A new America's Cup framework has been agreed by five of the six teams competing in this year's 35th edition.

The event will become biennial as part of a number of structural changes while rules have been put in place to reduce the cost of fielding a team.

The new agreement covers the next two editions of the Cup, which will take place in 2019 and 2021 respectively.

"This is a hugely significant moment," said America's Cup Event Authority CEO Sir Russell Coutts.

"For the first time in more than 165 years, the teams have got together for the benefit of not only themselves but for the America's Cup."

Larry Ellison, the founder of Oracle Team USA said: "People who want to enter this race now know how much it will cost, what kind of boat they need to build and that the rules can't change on them.

"They are now able to plan ahead, build a boat, build a team and come out and compete for their country."

The target cost to field a competitive new team would now be $30m (£24m) to $40m (£32m).

Land Rover BAR, which was set up by Britain's Ben Ainslie, have spent more than $101m (£80m), setting up a team and base in Portsmouth.

Emirates Team New Zealand were the only team not to sign the new agreement.

For full details of the new America's Cup framework, click here.