Illbruck drops America's dream

Illbruck has remained in front in the Volvo race

Germany's Illbruck group has abandoned plans to compete for yachting's most prestigious trophy, the America's Cup.

Officials behind Illbruck, the overall leader of the Volvo round-the-world race, have failed to raise enough sponsorship for the new project.

They are 10m euros (£6.2m) short of the 25m euros required to mount a serious challenge.

Despite intensive efforts we have not succeeded in finding sufficient sponsorship

Michael Illbruck

The Leverkusen-based group were hoping to take part in the four-month elimination series for the 31st America's Cup, starting in October.

The winner will take on defending champions Team New Zealand in February 2003 off Auckland.

"Despite intensive efforts, we have not succeeded in finding sufficient sponsorship for the (2003) campaign," said syndicate chief Michael Illbruck.

There is nevertheless likely to be German participation in the America's Cup.

Car giant BMW is expected to back US challenger Oracle, while business software firm SAP are due to support New Zealand's defence.