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Team Australia pulls out of America’s Cup

Following Team Australia’s announcement that it would pull out of the America’s Cup race, the remaining challenging teams issued a statement confirming their commitment to the event.

Teams Luna Rossa Challenge, Artemis Racing, Ben Ainslie Racing and Team France confirmed their support to the event regardless of host venue selected.

“The next America’s Cup is likely to be the most competitive, exciting and sustainable ever. We cannot wait to compete,” Artemis Racing team manager Iain Percy said in the statement.

The Australian team had entered in the hope of creating a more affordable and sustainable event, according to a statement issued by Team Australia and the Hamilton Island Yacht Club.

The New Zealand Herald called the statement issued from the remaining challengers “a boost for Oracle.”

Representatives from Luna Rossa, Artemis, Ben Ainslie Racing and a French challenge are set to meet with Oracle and America's Cup organizers on Tuesday to discuss details of the next regatta in 2017.

Emirates Team New Zealand was absent from the press release, a move that has angered America's Cup Events Authority head Russell Coutts.

While Team New Zealand will not be involved in the competitors' meeting, their intent to enter the next event is not in question, the newspaper reported. The team has indicated they will challenge for the 35th America's Cup and will be able to meet the $1 million entry fee before the Aug. 8 deadline.