America’s Cup’s first CEO pushes a new model ahead of Naples regatta

The America’s Cup has put its first chief executive in charge as the 175-year-old sailing competition shifts away from control by its defending champion. Marzio Perrelli, a former Goldman Sachs and Sky Sport Italia executive, is leading the new America’s Cup Partnership ahead of the 2027 regatta in Naples, Fortune reported.

The trophy returned to New York Harbor over the July 4 weekend, according to Fortune, as part of the Sail4th naval review marking the 250th anniversary of American independence. The Italian Navy’s 1931 training ship Amerigo Vespucci carried the Cup to the Hudson River, bringing the trophy back near the city tied to its first victory by a New York yacht in 1851.

Perrelli told Fortune the New York stop was tied to the Vespucci’s visit and to the Cup’s origins in the city. He described the event as a mix of old sporting tradition and a new operating structure, saying its heritage remains central even as its governance changes.

A finance and media background

Perrelli joined Goldman Sachs’ New York training program in 1993, Fortune reported. He later worked in London, opened Goldman’s Milan office and spent 11 years at the firm before running HSBC’s Italian business.

His move into sports came through Sky Italia, according to Fortune. After a dinner in Paris connected to Italy’s Ryder Cup organizing committee, Perrelli reconnected with a contact who led Sky Italia; two weeks later, he was asked to run Sky Sport Italia, where he stayed for eight years.

Perrelli told Fortune that sports now sits close to finance and media, citing the role of banks, private equity, family offices and broadcasters in the business. That background is shaping how he wants the America’s Cup to operate.

Shared control replaces the old system

For most of its history, Fortune reported, the America’s Cup was run by the Defender, the reigning champion that controlled key decisions including boats, venue and rules. That system changed in December 2025, when Emirates Team New Zealand, Britain’s Athena Racing, Italy’s Luna Rossa, Switzerland’s Tudor Team Alinghi and France’s K-Challenge formed the America’s Cup Partnership.

Perrelli was interviewed and selected by the founding teams, according to Fortune. The Royal New Zealand Yacht Squadron is the current defender, but the new setup gives rival teams a shared role in running the platform.

Perrelli told Fortune the teams now have to think beyond their own campaigns because growth of the wider competition can improve the economics for each participant.

Naples prepares for 2027

The 2027 edition in Naples will be the first America’s Cup held in Italy, Fortune reported. The event is tied to redevelopment plans for Bagnoli, a former industrial waterfront area outside the city.

Italy’s Unimpresa Research Center estimates the regatta could bring about €700 million in immediate economic return and €1 billion to €2 billion over five to 10 years, according to Fortune. Barcelona’s 2024 regatta generated more than €1 billion in regional GDP impact, Fortune reported.

Naples 2027 will also include all four countries that have held the trophy: the United States, New Zealand, Switzerland and Australia, according to Fortune. A U.S. entry became uncertain after American Magic exited and another U.S. bid collapsed, before Czech billionaire Karel Komárek and British entrepreneur Chris Welch backed American Racing Challenger, led by Ken Read.

Perrelli is also pushing for a more predictable schedule, including fixed timing, clearer host planning and a biennial cycle, Fortune reported. The Naples regatta is set to add two fleet races, require a female sailor on each five-person AC75 crew and include a rotating guest-racer seat.

This story draws on original reporting from Fortune.