KEY POINTS:
Italian team Luna Rossa will not challenge for the 33rd America's Cup bringing to an end one of the most successful and stylish challenges for sailing's most glamorous prize.
The decision, announced by Luna Rossa's main sponsor Prada, is another blow to the Cup after BMW Oracle and Mascalzone Latino challenged the way defender Alinghi has set the rules for the next event, and Louis Vuitton withdrew its sponsorship.
Chief Executive Patrizio Bertelli set up the Prada Challenge in 1997 to challenge Team New Zealand for the America's Cup in 2000.
Luna Rossa is the only one of this year's challengers to announce it is not going to challenge Alinghi for the America's Cup in Valencia in 2009.
Team New Zealand, Shosholoza and Desafio Espanol have already thrown their hats back into the ring, together with new British syndicate Team Origin.
- NEWSTALK ZB
