From the team’s web site a press release reads:

Mean Machine’s CEO and founder Peter de Ridder has announced the team have suspended their Volvo Ocean Race 2008/09 project. ??Along with Skipper of the project Ray Davies, and Operations Manager Dirk de Ridder, this tough decision has been reached after ten months of hard work. ??The main reasons for this turnaround are financial. The team find themselves without sufficient sponsorship to cover the considerable budget for a project of these proportions.

The lack of funding at this point has a direct impact on the timings in terms of logistics and the construction of a new boat. The team’s commitment to sailing excellence has lead them to decide that withdrawl from the competition is the best realistic option. ??This cancellation hasn’t dampened the spirits of a team with more than 20 years of sailing history behind them. The strong team philosophy behind this sailing platform means De Ridder’s crew will carry on competing to the highest level in the TP 52 class and OD. ?

On the Volvo Ocean Race Web site Glenn Bourke, CEO of the race, said: “It is disappointing that Peter de Ridder and his Mean Machine team will not be joining us for the 2008-09 race but I understand that they had set themselves a deadline on funding and that deadline has now passed.
“Knowing Peter and how passionate he was about his Volvo Ocean Race campaign, I know that he would have made this decision only after all the options had been exhausted.”