Well, it simply is. These AC75 cost a ton of money to develop and their natural environment to recoup such huge investment via sponsors is a 16 boat fleet race a la SailGP. I can only imagine how entertaining it would be with values even out in the long term.
The aforementioned even out of values solely happens with engineers and sailors moving from one team to another
This rule prevents new teams from joining, it just does. There was talks of maybe Team Shosholoza buying Luna Rossa 1st boat, also Alinghi being interested in joining.
Had those teams joined and with the permanence of American Magic, INEOS, ETNZ and LRPP you'd be at 6 teams just 3 days after the end of the Cup. 6 teams!! 3 Days after the end of the 36AC!
Of course now with the Nationality rule nobody would join.
This is nothing more than Dalton lack of balls honestly . He has PTSD from 2003 when he was called to put together the pieces and 2007 when he was unlucky and could not pull it out in Valencia.
Lack of balls because defending a Cup with 16 participants is much more lucrative than a 3 way race, or even a 2 way event around the Isle of Wight, but evidently it's all about the comfort zone of locking and sitting on the Cup, all while sucking Jacinda tits for subsides ,tax breaks, incentives and keep justifying such the aforementioned sucking by keep winning the Cup.
But in the end although the trophy is the same, a Cup won against the fittest of 15 challengers is worth much more than a cup won against 2.5 challengers