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This selection was based on the performance of Pegasus over a series of 16 races held during the Farr 40 OD Class Miami Regatta in December and Key West Race Week sailed January 15-19th. At the conclusion of Key West Race Week the selection trials came down to two boats, Philippe Kahn's Pegasus and Jim Richardson's Barking Mad. After scoring the 7 inshore races in Miami with one throw-out, the Miami long distance race and the 8 inshore races of Key West Race Week with one throw-out, the remaining 14 races yielded a result of 17 points for Pegasus and 20 points for Barking Mad.

The 50-hour long distance race from Key West to Fort Lauderdale scheduled to start on 20 January was to be weighted with triple points. With only the two boats entered for the long distance race, one of the boats would score first for 3 points and one would score second for 6 points. If Pegasus were to be first, they would be the outright winner with 20 points. If Barking Mad were to be first, the overall results would be a tie with both boats receiving 23 points. Applying the tie breaking procedure contained in RRS Appendix A, the result would be that Pegasus would win the tie-breaker with 5 first places against 3 first places for Barking Mad.

Based on this information, the Selection Committee made the decision to cancel the long distance race from Key West to Fort Lauderdale and announced that Pegasus was selected as the Farr 40 OD for the 2001 US Admiral's Cup Team.

The US Admiral's Cup Management Committee is in the final stages of negotiation with the other team members who will campaign the IC45 and the Sydney 40 to round out the US Team.