Team New Zealand has announced they will not be competing in the 2014/15 edition of the Volvo Ocean Race.
In recent weeks, the team had explored a joint challenge with Spanish interests, but chief executive Grant Dalton said the team was not convinced it could mount a successful challenge in the time available and the team's energies would be better directed towards the next America's Cup. The Volvo Ocean race starts at Alicante, Spain, on October 4 this year.
Dalton said the team had worked hard with excellent people representing the Spanish interests and with the Volvo Ocean Race management to get an entry to the start line.
"In the end, time was against us. Every passing day magnified the impact that preparations for a round-the-world race would have on Emirates Team New Zealand's other operations," he said.
"The team exists to win the America's Cup. With the imminent announcement of the Protocol for the 35th America's Cup, it's time for us to withdraw reluctantly from any consideration of participation in the Volvo Ocean race."