American Magic withdraws from 38th America's Cup

Yacht racing team American Magic has confirmed it will not be participating in the 38th edition of the America's Cup. The decision follows a review of the event's current Protocol and Partnership Agreement, which was officially announced earlier this month.

"After extensive engagement with the Defender, Challenger of Record and fellow teams, we’ve concluded that the present structure does not provide the framework for American Magic to operate a highly competitive and financially sustainable campaign for the 38th America’s Cup," said team principal Doug DeVos. "For a team committed to long-term excellence, alignment around financial viability and competitive performance is essential. At this time, we don’t believe those conditions are in place for American Magic to challenge."

While American Magic will not take part in the next edition of the America’s Cup, the team remains "fully committed" to building a high-performance American sailing platform. CEO Mike Cazer confirmed that its focus would be on athlete and technology development and "continuing to drive advanced manufacturing and design innovation" from American Magic's base in Pensacola, Florida.

The team will continue to invest in the sport through its high-performance centre, also based in Pensacola, as well as international racing campaigns, including programs that support U.S. Olympic sailors.

This announcement from American Magic is another footnote in what has been a contentious saga for the historic regatta, beginning with the announcement that the 38th edition would be hosted in Naples, Italy.