The Naples-based America's Cup team Mascalzone Latino has decided to drop out of this winter's Louis Vuitton Pacific Series (LVPS) in New Zealand for financial reasons.
Syndicate chief Vicenzo Onorato, who had brought the team to two America's Cup events, said he was forced to make the decision ''due to the difficult international economic situation, which is making IT nearly impossible to find sponsors that would cover, even partially, the operational costs for a participation aiming at a good performance''.
The LVPS will see 12 America's Cup teams face off against each other using boats loaned by Team New Zealand and America's BMW Oracle Racing.
Organizers said this will lower operating costs and highlight the skills of the crew over technological advantages.
Until the last America's Cup, when Switzerland successfully defended sailing'S most prestigious trophy in the Mediterranean in 2007, Louis Vuitton had sponsored a cup series which determined the official challenger, a format which the Swiss then abandoned.
The LVPS is designed to keep up interest in big boat sailing until a new America's Cup can be staged, once disputes over format have been resolved.
In announcing his decision to withdraw from this winter's event, Onorato said ''my great sorrow in giving up is mostly for Louis Vuitton which is, in my opinion, the only depositary of the Cup's tradition and dignity''.
Onorato also confirmed that his team in 2009 will take part in the Farr 40 Class championship, which it has won for the past three years.
Aside from New Zealand and Oracle, the other participants are Alinghi; Italy's three-time America's Cup entry and Louis Vuitton Cup-winner Luna Rossa; an Italian team headed by Vasco Vascotto; France's K-Challenge; Britain's Team Origin; China Team: South Africa's Team Shosholoza; and Greek Challenge.
Mascalzone Latino's place in the series will now be taken by one of the two teams on the waiting list: Team French Spirit-Marc Pajot and an Italian team headed by former Luna Rossa skipper Francesco de Angelis.
