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The America’s Cup has lost a challenger.

While plans are being laid for the 38th edition of the event, likely to be contested in 2027, it will take place without Alinghi Red Bull Racing.

In a statement to the Herald, the Swiss syndicate confirmed they would not be entering into the next cycle of the event and had begun an “orderly wind-down” of the team.

“Despite all our efforts, we - Alinghi Red Bull Racing - have not been able to find agreement with the Defender of the America’s Cup for the future of the event,” the statement said.

“We would like to have seen more accountability, greater transparency and new opportunities to perform not only individually but as a group. That way we might all of us together could have delivered a commercially viable event capable of attracting global TV coverage, spectators, and sponsors.

“So, it is with great disappointment that we have begun an orderly wind-down of the Alinghi Red Bull Racing team.

The 2024 regatta was Alinghi Red Bull Racing's first in the America's Cup since 2010. Photo / America's Cup

“The brands that have formed that team will always be part of the America’s Cup history and the last few years have been an incredible journey. We thank every team member, every sponsor and every supporter for their belief, trust, and commitment throughout.”

The yacht club the team represented, La Société Nautique de Genève, also confirmed they would not be putting in a challenge for the 38th America’s Cup when contacted by the Herald.

In response to Alinghi’s statement, Emirates Team New Zealand chief executive Grant Dalton told the Herald it was a surprise and that the Swiss team had been supportive in meetings so far.

“It is surprising to hear the news of Alinghi Red Bull Racing, although it has been somewhat obvious for some time that they have been struggling to recover from their lacklustre performance in Barcelona last October and give themselves an ‘on water’ opportunity to win in AC38,” Dalton said.

“Since the conclusion of AC37, all the teams have been actively involved in trying to form an arrangement which would secure a more open and inclusive running of the America’s Cup and Alinghi Red Bull Racing have seemingly been very supportive of the initiative along with all participants.

“There have even been specific concessions in the draft Protocol at Alinghi’s request which have been accommodated, such as relaxing the nationality rule to allow two non-nationals to help them to bolster their sailing talent on board as well as establishing working groups made up of representatives of all teams to come together on racing formats and TV media broadcast initiatives.

“We feel sympathy today for the dedicated team members that have now lost their jobs as a result of this.”

Last year’s regatta in Barcelona was the first time since they lost the Cup in 2010 that Ernesto Bertarelli’s group returned to the arena, and they were one of two teams competing in the AC75 foiling monohull for the first time.

That put them on the back foot from the start, given four of the five other teams involved in the campaign had already gone through a full cycle in the class.

They did, however, get to work faster than fellow newcomers Orient Express Racing Team and ultimately progressed into the semifinals of the Louis Vuitton Cup challenger series, before being eliminated by Ineos Britannia, who went on to challenge Emirates Team New Zealand in the Cup match.

Alinghi Red Bull Racing were eliminated by Ineos Britannia in the semifinals of the Louis Vuitton Cup challenger series. Photo / America's Cup

After being eliminated, the Swiss challenger sustained damage to their AC75 while training in Barcelona, with a broken foil leading to a big capsize.

With the protocol for the next edition of the America’s Cup still a work in progress, entries for challengers are not yet officially open.

As well as working on the protocol, Dalton flew out to Europe late last week for meetings with potential host venues.

A venue is to due to be confirmed by June 20 this year, with the protocol to be released before then as well.

Speaking to the Herald last week, Dalton said he expected to be ready to announce the next venue before that deadline, though he noted “the devil’s always in the detail and contracts”.

Alinghi’s decision not to enter another challenge is the latest in a series of high-profile developments in the campaign already.

Team NZ last week announced they had parted ways with long-time helmsman Peter Burling. Ineos chief executive Sir Jim Ratcliffe scrapped his plans to enter a second British challenge, noting the time it had taken to come to a settlement with Sir Ben Ainslie’s Athena Racing over their split had eaten into their ability to launch a competitive campaign.

 joined the Herald sports team in 2017, bringing the same versatility to his coverage as he does to his sports viewing habits.