[4] The Royal New Zealand Yacht Squadron was the Defending Club, having won the preceding 35th America's Cup in 2017, and was therefore responsible for organizing and hosting this event.

The successful challenge made the Royal New Zealand Yacht Squadron the Defending club for the 36th America's cup.

Grant Dalton, the CEO of Emirates Team New Zealand, confirmed that the fashion brand Prada had secured the right to be the exclusive naming and presenting sponsor of all events comprising the 36th America's Cup.

The chairperson was David Tillett (AUS) who was joined by Henry Peter (SUI) and Graham McKenzie (NZL).

Challenger selection series was held in January and February 2021 with the America's Cup match against the defender in March.

Team New Zealand, the eventual champion, had opted to not sign the framework agreement, and were not bound by its terms, freeing them to set their defence for 2021 with a brand new format and class.

[16][17] The New York Yacht Club (NYYC) entered AC36, under the syndicate name American Magic, with a team led by Terry Hutchinson and funded by Doug DeVos, John J.

On 15 May 2019, the America's Cup Arbitration Panel released their decision denying American Magic's application and allowed the late entry teams to compete.

[27] On 1 July 2019, the Koninklijke Nederlandsche Zeil- & Roeivereeniging announced that it was also withdrawing as a challenger, whereas the Long Beach Yacht Club confirmed their ongoing commitment.

[30] In the best-of-13 finals, Luna Rosa needed only 8 races, ending on 21 February, to defeat the INEOS Team 7–1, advancing from the challenger's pool.

[31] The Cup was sailed in New Zealand's Hauraki Gulf, on the east coast of the North Island, outside of[32] Auckland City's Waitematā Harbour as the venue.

This included dredging of the Outer Viaduct Harbour, installation of new floating infrastructure such as pontoons, and construction of team bases.

[38] During the Prada Cup, the Auckland Sky Tower was illuminated in red alongside the event logo projected with a variety of animations.

[35] The first two of the three planned 2020 America's Cup World Series competitions – in Sardinia[44] and Portsmouth[45] – were cancelled due to the impact of the COVID-19 pandemic on sports.

Luna Rossa Prada Pirelli (2nd in the round-robin) went on to beat American Magic 4–0 in a semi-final series to advance to the final.

Luna Rossa then won the final series against Ineos UK by 7–1 – thereby becoming the official challenger for the America's Cup against defender Emirates Team New Zealand.

[50] Detection of COVID-19 cases in Auckland led to an increase in alert level by the New Zealand Government that caused disruption to the racing and spectator access during the latter stages of the final series.

[54][non-primary source needed] [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] Notes: Team New Zealand retained the America's Cup trophy that they had won in 2017, winning the best of 13 series by 7 races to 3.

[57] The turning point came in the eighth race, where New Zealand clawed back a four-minute deficit to win and take a 5–3 lead, just as their opponents looked to be drawing level in the series.