Officials say the legendary race will most likely be held in either 2013 or 2014. The venue will be announced by the end of this year.
Officials say the city that hosts the international event will need to create an America's Cup village suitable for a series of regattas, fans, and the media. That's expected to cost a host city hundreds of millions of dollars to create.
They also said a new class of boat will be used, which is still in the designing stage and the race will be more media friendly with specific start and finish times.