Australia's withdrawal from the America's Cup is another demonstration of just how tough the game is, Team New Zealand says.
Hamilton Island Yacht Club has withdrawn as challenger of record, six days after competitors met in Los Angeles to air concerns around the direction sailing's marquee regatta is heading.
Hamilton Island Yacht Club said their challenge was initiated with a view to negotiating a format for the America's Cup that was affordable and put the emphasis back on sailing skills.
But the cost of competing was well beyond expectation.
Team NZ chief executive Grant Dalton said it was a shame to lose the Australians, but his syndicate's challenge was still on track.
"We have the class rule and the design team is well into its programme, and the sailing team continues to compete successfully overseas," he said in a statement.
"In addition, we have never been in better shape with potential sponsors."
It isn't yet certain which syndicate will replace Hamilton Island as challenger of record, which represents all challenger syndicates in dealing with America's Cup holders Oracle Team USA.
Team NZ were beaten 9-8 by Oracle in a thrilling America's Cup regatta on San Francisco Bay last year, despite jumping out to an early 8-1 lead.
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