Swedish Team May Drop Out of America's Cup

The Swedish-funded racing team that lost a crew member when its America's Cup boat capsized earlier this month may drop out of this summer's races, according to reports.

Team Artemis's Andrew Simpson drowned May 9 when their 72-foot catamaran capsized and trapped him underwater. The team "still isn't saying whether it will compete," according to the San Francisco Chronicle, which added that its new boat isn't yet ready to practice on San Francisco Bay.

The three other teams -- U.S., New Zealand and Italy -- were out practicing last week, the newspaper reported.

Last week, America's Cup organizers released a host of new safety regulations, which included lowering the maximum wind speed in which racing would be allowed to 23 knots, from 33 knots.

The team has not yet committed to racing this summer and in the fall, when the America's Cup championship will be awarded, the newspaper reported.

Racing is set to begin on July 4, the newspaper reported.