According to the New Zealand Herald website, illbruck, Germany’s first-ever challenge for the America’s Cup has been formally withdrawn.

Despite currently leading the Volvo Ocean Race, intensive efforts to find a commercial partner have failed, leaving Michael Illbruck, (pictured left) CEO of the international company illbruck GmbH and Chairman of the illbruck Challenge, no option but to withdraw from the challenge.

Illbruck commented: “While it’s disappointing that we cannot keep the team together for the next America’s Cup, we hope to find a long-term solution to challenge again some time in the future.”