The America’s Cup is to be revamped to promote continuity and interest in sport’s oldest international trophy, which will now be contested on a biennial basis.

Land Rover BAR (Ben Ainslie Racing) chief executive Martin Whitmarsh announced a new framework agreement in London today which ensures certainty over the future of the staging of the event.

The agreement to regulate is designed to ensure momentum and a series which remains in the public consciousness, like Formula One, and attracts participants.

“We are now on the cusp of something very, very exciting,” Whitmarsh said.

The 35th America’s Cup match takes place in June in Bermuda.

Four-time Olympic gold medallist Sir Ben Ainslie, whose BAR team is based in Hampshire at Portsmouth, won the 2013 edition as tactician for Oracle Team USA in San Francisco.

The Deed of Gift, which allows the defender to make key selections like the location for the race, is respected by the agreement.

Now Ainslie’s Land Rover BAR is seeking victory for the trophy which was first awarded in 1851.

Ainslie said: “It’s a pivotal moment in the history of the America’s Cup.

“To have a plan for the future and to be able to commit to it is a big step forward.”

The rules will be simplified as a result of the landmark agreement.

Five of the teams competing this year were represented at Mayfair jewellers House of Garrard, but Emirates Team New Zealand were not present.

With the class of boat and time frame confirmed, continuity and certainty of competition is present.

Ainslie added: “You look at the history of the cup and it is a very complicated history.

“Having the situation now where the key stakeholders are coming together and agreeing is the key fact here.

“That gives us an incredibly strong foundation.”