It's Auckland or bust as New Zealand's host venue or the 2021 event will be held it Italy, Team New Zealand CEO Grant Dalton has revealed as part of the new protocol for the 36th America's Cup.

Dalton confirmed today that the event will feature 75 foot monohulls and nationality rules where 20 percent of sailors must be from one country. The rest of sailing team must meet strict criteria of residents of 380 days in country from 1 Sep 2018 to 1st Sep 2020.

Two pre-regattas will take place in 2019 and 2020. Dalton confirmed that team new Zealand won't take part in the Challenger series, to be called the Prada Cup.

Dalton said there is a deadline of August 30 next year to decide whether Auckland will be ready to host the event.

"The only reason we went to the America's Cup was to bring it back here. We're really clear about that, this is where we want to hold it but we've got nothing in place yet.

"I think it's only responsible for the challengers if there is a natural disaster or whatever happens that we couldn't hold it here.

"Rather than finding out next year that it's got to be shopped out all over the place to try and find a venue, we say 'if for whatever reason it can't be in Auckland, which is the intention, absolutely the intention, it will go to Italy."

Dalton said racing won't take place in the inner harbour but will feature off Takapuna or Milford, closer than the last America's Cup in Auckland in 2003.

Details confirmed:

Monohull - 75ft, design details revealed Nov 30. 10-12 on the boat.

Cyclors not banned.

Teams can run two boats - TNZ will have two.

Probably see longer races than Bermuda - Around 40 mins. Include longer pre-start and up-wind start.

Nationality - Citizenship defined 20% of sailors must be from one country - Rest of sailing team must meet strict criteria of residents of 380 days in country from 1 Sep 2018 to 1st Sep 2020

Event - Intent is Auckland, 2021 - but no infrastructure exists. Must start by mid next year. No host city agreement. If not in Auckland - event will go to Italy.

Pre-regattas - Events in 2019, 2020 in the AmCup race boats. Challenger series will be organised by Challenger of Record (Luna Rossa)