The foreign bid process closes on February 28, can’t wait for these to leaked.Unfortunately that is not the situation. The AC is governed by a deed of gift which in turn is governed by NY law. ETNZ may have a cast iron contract with the RNZYS but if Dalts tried to choose another YC, that would be in breach of the deed of gift. In legal terms, the cup cannot be given to another club by either ETNZ or RNZYS. It can only be removed by a valid challenge (or relinquished to prior club in specific circumstances...see deed)
The cup resides at the club which won the cup. The only loophole is that RNZYS could accept a challenge from Dalts club and then lose that challenge. But the challenging club would have to meet the deed of gift requirements as Allinghi found out when they tried to create a bogus challenging club and got sued in NY court.