There will be no American boat in the America's Cup for the first time in the event's 175-year history.
The team representing the New York Yacht Club announced on Wednesday that it will not enter its boat, American Magic, when the regatta is held in Naples, Italy, in 2027.
Doug DeVos, the team principal for American Magic, said the group cares "deeply" about the America's Cup but the climate isn't right for the team to race.
"For a team committed to long-term excellence, alignment around financial viability and competitive performance is essential," DeVos said. "At this time, we don’t believe those conditions are in place for American Magic to challenge."
American boats have won the America's Cup a record 25 times and held it from its first race in 1851 all the way through 1983, when an Australian syndicate won it.
"Our focus now shifts to the future," Mike Cazer, CEO of American Magic, said in a statement. "That means athlete and technology development, international competition, and continuing to drive advanced manufacturing and design innovation from our base in Pensacola."
The announcement came several months after American Magic's team issued a statement saying America's Cup defending champion Team New Zealand "has been unwilling to commit to the transparency and cooperation necessary" regarding its plans for Naples.
Team New Zealand responded to the American Magic statement by publicly releasing the latest draft version of the 2027 protocols "as an illustration of complete transparency".
British team Athena Racing, representing all challengers, issued a statement last spring criticising what it called the lack of information provided by Team New Zealand on the deal with Italian organisers.
American Magic backed up Athena’s position at the time by saying that "without the meaningful changes [Athena] are advocating, it is difficult to see how NYYC American Magic can participate in the 38th America’s Cup".
It's unclear whether the complaints played a factor in the group's decision not to race. American Magic has represented the US in the America's Cup twice, losing in the semifinals both times.
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