US challenger BMW Oracle Racing (L) giant trimaran and Swiss defender Alinghi huge catamaran sail during the second race of the 33rd America's Cup off Valencia's coast on Feb. 14, 2010 in Valencia, Spain.
Mascalzone Latino, the sailing team that represents the Challenger of Record for the 34th America's Cup, won't compete in the regatta in 2013.
Vincenzo Onorato says on the Italian team's website that it was not able to raise the money needed to be competitive.
There is no word from Mascalzone's sponsoring yacht club, Club Nautico di Roma, on whether it will continue as Challenger of Record. The Challenger of Record represents all challengers in
dealings with the defender, Oracle Racing of San Francisco, which is led by Oracle CEO Larry Ellison.
If another team doesn't emerge to represent Club Nautico di Roma, the Challenger of Record duties would be passed along to another yacht club that has a team in the regatta.