Unless a new backer steps forward Britain looks almost certain to miss out on the next America’s Cup in 2007. Peter Harrison, the founder and chairman of GBR Challenge, announced yesterday to suspend current operations of GBR Challenge .

In a news story written by Tim Jeffery in the Daily Telegraph this morning it states that with a deadline for entries just one month away, the 25-strong core of designers, managers and boat builders were given notice periods of one to three months yesterday slimming down the campaign just incase funding is secured at the 11th hour.