10.00am
LEVERKUSEN – Germany's first-ever challenge for the America's Cup has been formally withdrawn.
The illbruck Challenge, a professional sailing team which currently leads the Volvo Ocean Race, indicated in mid March that it was putting its America's Cup preparations on hold as it searched for financial backers.
Today the Duesseldorf Yacht Club, under whose burgee illbruck sails, notified the Challenger of Record Committee and Defender Royal New Zealand Yacht Squadron that it would not participate in the challenger series which starts later this year.
Despite intensive efforts to find a corporate sponsor, a commercial partner has not been found to finance the campaign, said Michael Illbruck, 42, CEO of the international company illbruck GmbH and Chairman of the illbruck Challenge.
"While it's disappointing that we cannot keep the team together for the next America's Cup, we hope to find a long-term solution to challenge again some time in the future."
The decision to pull out of the America's Cup, would have no impact on the team's participation in the Volvo Ocean Race.
The race, which finishes in Kiel June, 9 2002, is now in its sixth stage between the US cities of Miami and Baltimore.
nzherald.co.nz/americascup
illbruck confirms withdrawal from America's Cup
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