KEY POINTS:
The current world economic downturn has put paid to Germany's bid to challenge for the America's Cup in 2010.
Car manufacturers Audi have withdrawn their sponsorship of Team Germany effectively ending the German sailing team's bid to win the America's Cup.
But co-ordinator Jochen Schuemann has insisted he will fight on.
"I will not give up on the German flag," triple Olympic champion Schuemann told die Welt as the search begins for a new main sponsor.
Audi have withdrawn their financial backing due to the world economic crisis, leaving the sailing team's dreams of America's Cup success in tatters.
Team Germany challenged for the Cup in 2007 and Schuemann, who was part of the successful Cup campaigns with Alinghi in both 2003 and 2007, joined shortly after the Swiss team beat Team New Zealand in Valencia in 2007.
Schuemann was given the bad news last week that Audi had withdrawn as main sponsors.
"We wanted to meet with Audi last week, however I got a call the night before saying there was now no need to come," said Schuemann.
Schuemann has already withdrawn Team Germany from next February's Pacific Series event in Auckland for America's Cup yachts, citing a lack of sponsorship.
Team Germany's plight hasn't been helped by the uncertainty surrounding the next America's Cup.
The on-going court battle between Cup holders Alinghi and Larry Ellison's Oracle has left the remaining syndicates treading water as they await the future of the next event.
Alinghi plan to hold the 33rd edition of the world's oldest yachting competition in 2010 and have set December 15 as the deadline for teams to register for the competition.
But there remains one unresolved issue: the fate of the American Oracle-BMW Racing team, who have taken their argument that the new race format favours Alinghi to the Court of Appeal in New York.
Their case is to be heard on February 10 next year.
Ellison acknowledges the legal battle has made it incredibly difficult for other syndicates to survive in such an uncertain environment, but in an interview with a US paper last week laid the blame squarely with Alinghi boss Ernesto Bertarelli.
"Because of our lawsuit, a lot of teams are unable to sell and come up with sponsors because there is no date for the next America's Cup, and there is all this uncertainty," Ellison said in an interview with the International Herald Tribune.
"And I put this all on Ernesto's doorstep because he created this ridiculous bogus yacht club and because they had these horribly one-sided rules where only Ernesto had a chance to win, and we sued as a response. And now all these teams are up in the air. They can't get sponsors, and they are a little bit desperate to get this solved, and we'd like to get it solved, too."
BMW Oracle Racing last week offered to drop its court case against Alinghi if it sees proof that the rules for the next regatta will be more equitable.
The US syndicate has asked to see copies of the protocol, event regulations and competition regulations.
- Additional reporting AP
