A 66-foot tall catamaran, a racing sailboat with a six-story wing sail, was on display at Union Square Park. It served as the backdrop for an announcement via video from Italy.
"As a young kid who always dreamed of competing in the America's Cup, now there will be a real pathway for all those youth sailors out there," Oracle Team USA Skipper Jimmy Spithill said.
America's Cup organizers want to make the cup a global sports, lifestyle and media brand.
The America's Cup will be held in the city next September.
