United States challenger Stars + Stripes Team USA have officially withdrawn from the 2021 America’s Cup.
Their demise was inevitable as they battled financial problems over the past two years.
They had failed to meet a series of deadlines and their backers at the Long Beach Yacht Club in California officially notified the Royal New Zealand Yacht Club that their challenge had been withdrawn.
It was accepted this week “with immediate effect”.
The confirmation leaves the fleet at four syndicates. INEOS Team UK, American Magic and Luna Rossa (Italy) contest the Prada Cup challenger series in January and February with the winner of that going on to meet Emirates Team New Zealand in the America’s Cup match in March.
Mike Buckley and Taylor Canfield wanted to be an all-American challenge and even got Cup legend Dennis Conner’s approval to use his Stars + Stripes name.
They purchased a design package from defenders Emirates Team New Zealand for a first-generation AC75 after formally announcing their challenge in late 2018.
That boat was only half-completed as financial realities hit.
There were several moves to keep them involved with a desire to bolster the small fleet and have the inexperienced syndicate build a path for long-term involvement.
In July, they sounded out organisers about purchasing a boat from another team – most likely Team New Zealand’s first boat Te Aihe – in time to contest the world series and Christmas Cup regatta that starts in Auckland next week.
The Cup’s arbitration panel denied that because of the country of origin rule over hull construction in the large and complicated boats.
Buckley and Canfield have kept the team afloat in other projects, recently winning the prestigious Gold Cup match racing regatta in Bermuda.
There has been no indication from Stars + Stripes if they will resurrect their America’s Cups hopes with an eye to the next cycle after Auckland 2021.
