TEAMORIGIN,
the yacht racing team established by Sir Keith Mills, and skippered by triple
Olympic Gold Medallist, Ben Ainslie, announced today that it will not be
challenging for the next America’s Cup scheduled for 2013.

The
team, which was set up in 2007, has been waiting for three years to enter the
America’s Cup, which was delayed when the US team, BMW ORACLE Racing, took the
Swiss team, Alinghi, through the US courts.  The US team won the court
battle and won the 33rd America’s Cup Match to become the America’s Cup
Defender in February this year.  The new US Defender has recently
announced the format for the next America’s Cup, including the rules and type
of boat to be raced. TEAMORIGIN has also been briefed by the Defender and has
made numerous comments on both the regatta rules and class rule.

Having
now had a chance to analyse the race format, the proposed fixed wing catamaran
boat, the timetable, rules and costs, Sir Keith has concluded that the 34th
America’s Cup is neither viable commercially, nor an attractive sporting
contest for TEAMORIGIN. Therefore he has decided that the team will not submit
a challenge when the challenge period opens on 1 November.

Sir
Keith Mills, TEAMORIGIN Team Principal, “After three years of
waiting in the wings to enter a British team in the America’s Cup I am bitterly
disappointed that we will not be competing. However, the format and timetable
decided by the Defender, BMW/Oracle, is simply not viable for TEAMORIGIN.
 We have assembled an outstanding team, led by Grant Simmer and Ben
Ainslie, and I am personally very sorry that they won’t now get the chance to
race for a British team in the next America’s Cup”.

Over
the next couple of months TEAMORIGIN will be considering whether it will
compete in other yachting events over the next few years.