The 2021 America's Cup has formally lost a contender.
While it has appeared for some time that Stars and Stripes Team USA, sailing out of the Long Beach Yacht Club, would not make the starting line, the syndicate has now officially withdrawn from the 36th edition of the regatta.
Sailing magazine Latitude 38 reported the Long Beach Yacht Club sent club members a letter this week which informed them of the decision, and thanked them for the tremendous effort put into trying to bring the challenge to life.
A late entry to the 2021 regatta, Stars and Stripes battled financial pressure over the past two years while trying to ready their challenge, missing a series of important deadlines.
In July, the American syndicate were hopeful of being able to purchase the first boat of another team in time to sail in this month's Christmas Cup regatta, but the arbitration panel ruled against it because of the country of origin rule over hull construction in the large and complicated boats.