Sports Minister Jonathan Coleman is at the Royal Port Nicholson Yacht Club in Wellington. He says it's going to be the 'greatest day'. He says there'll be discussions in the coming days about what happens next.

The hard work is done but there won't be any rest for the Team New Zealand brains trust as they plot a way forward for the America's Cup.

The celebrations in Bermuda after defeating Oracle Team USA will be deserved and the champagne will help wash away the bitter memories of four years ago in San Francisco.

Emirates Team New Zealand are once again kings in yachting's Game of Thrones. They hold all the power and have the ability to shape the Cup to their liking.

GILLES MARTIN-RAGET/ ACEA 2017 The Emirates Team New Zealand crew celebrate winning the America's Cup.

Fortunately they know what's involved. They have experience from 2000 and 2003, two of the most successful regattas of the modern era.

READ MORE:

* Recap: Team NZ victory in Bermuda

* Burling: Cup win 'unreal'

* Team NZ defeat Oracle 7-1 to win Cup

* Dalton interrupted: 'That'll be Russell'

* Spithill's Moby Dick: Grace in defeat

* America's Cup: What next?

* Luna Rossa new Challenger of Record

They will be responsible but they have made it clear thee will be some changes to the way things have worked under Larry Ellison and Sir Russell Coutts.

Here are some of the key decisions in front of Grant Dalton and his team and some possible outcomes:

- They will move back to the Deed of Gift systems in many areas, the first of which will be to appoint a Challenger of Record.

RICARDO PINTO/ ACEA 2017 Team New Zealand will want to move swiftly to retain the key figures in this campaign, such as helmsman Peter Burling.

Their long-time ally, Italian syndicate Luna Rossa, will be that team, replacing the cosy cooperative that Oracle used with their dominating influence in an unholy alliance with Team Japan, Sweden's Artemis Racing, Team France and Britain's Ben Ainslie Racing.

The ink may already be dry on the document by the time you read this.

- Team New Zealand and Luna Rossa will then work together to work out a suitable framework that will entice more syndicates to get involved.

PETER MEECHAM / FAIRFAX NZ Auckland's Viaduct Basin is now apartments, hotels and a lively food and drink scene, replacing the old syndicate bases.

- The destination of the next Cup will be a priority. Team New Zealand's mantra of "Bring The Cup Home" means Auckland will again be favoured.

- The date will be interesting. There will be no rush, certainty not the two-yearly extravaganza Oracle were hoping to move the Cup to.

Team New Zealand like the exclusiveness that comes with the more traditional time frame of around four years.

Remember Auckland didn't host the event till 2000 after their breakthrough win in San Diego in 1995.

Auckland will have its work cut out to host the event given the infrastructure from the failed 2003 defence has now disappeared.

The Viaduct Basin is now apartments, hotels and a lively food and drink scene, replacing the old syndicate bases.

- The class of boats will be one of the biggest issues.

They will be aware of the huge public interest in the catamaran class. But there seems to be an underlying current of thought that a return to monohull racing should be investigated with some high-powered options available that would certainly be worthy and could increase competitiveness and enhance the match-racing element that has been a tradition of the Cup.

- Team New Zealand will want to move swiftly to retain the key figures in this campaign – skipper Glenn Ashby and his young crew led by outstanding helmsmen Peter Burling have really just begun their Cup journey.

They will want to turn a successful challenge into an impregnable defence.

Similarly with the designers who have produced an extraordinary boat for Bermuda and the stalwarts of the shore crew that have somehow kept the magnificent machine in one piece.

Everyone will be vulnerable in a game where chequebooks rule.

- Audio courtesy RNZ