KEY POINTS:
Team New Zealand's halt to legal action against the Alinghi yachting syndicate has been welcomed by the America's Cup holders.
"It is good news that (managing director) Grant Dalton and Team New Zealand (TNZ) have at last stopped legal proceedings," Alinghi skipper Brad Butterworth said today.
" It is great that they have seen that the legal route leads nowhere and are returning to the sport with all the other teams.
" Having TNZ join the competitor meetings and push forward with constructive discussions alongside many other entered challengers for a 2010 event in a new class of more affordable boats is progress indeed. We welcome them back."
The competitor meetings begin tomorrow in Geneva.
Team New Zealand launched legal proceedings against the Swiss Americas Cup champions in March alleging they had failed to stick to an agreement to stage the next Americas Cup yachting regatta in 2009.
The syndicate sought tens of millions of euros in compensation from Alinghi through the US courts after the regatta was postponed until 2011, claiming breach of an agreement covering its participation in yachting's showpiece event.
Dalton said yesterday TNZ withdrew its action to ensure Alinghi would take part in the Pacific Series in Auckland in February.
Alinghi had committed to sending a competitive team to Auckland if the legal proceedings were withdrawn.
"It is our view that this regatta, and Alinghi's participation in it, is an important initiative towards repairing the harm that recent events have done to yacht racing at this level," Dalton said.
Alinghi retained the America's Cup by beating Team New Zealand in the Spanish port of Valencia.
But the 33rd edition of the race was indefinitely postponed because of a legal dispute between Alinghi and US syndicate Oracle over the rules.
- NZPA
