PENSACOLA, Florida -- There will be no American boat in the America's Cup for the first time in the event's 175-year history.
The team representing the New York Yacht Club announced Tuesday that it will not enter its boat, American Magic, when the regatta is held in Naples, Italy, in 2027.
Doug DeVos, the team principle for American Magic, said in a release that while the group cares "deeply" about the America's Cup, the climate isn't right for the team to race.
"For a team committed to long-term excellence, alignment around financial viability and competitive performance is essential," DeVos said. "At this time, we don't believe those conditions are in place for American Magic to challenge."
American boats have won the America's Cup a record 25 times and held it from its first race in 1851 all the way through 1983, when an Australian syndicate won it.
"Our focus now shifts to the future," Mike Cazer, CEO of American Magic, said in a statement. "That means athlete and technology development, international competition, and continuing to drive advanced manufacturing and design innovation from our base in Pensacola."
American Magic has represented the U.S. in the America's Cup twice, losing in the semifinals both times.