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Malta’s America’s Cup Challenge is over after team owner Pasquale Cataldi confirmed that he was forced to withdraw the Altus Challenge from the prestigious world race due to lack of financial support. Last November, Malta had caught the headlines of the iMalta’s America’s Cup bid over due to lack of government support
Malta’s America’s Cup Challenge is over after team owner Pasquale Cataldi confirmed that he was forced to withdraw the Altus Challenge from the prestigious world race due to lack of financial support. Last November, Malta had caught the headlines of the international sailing portals after it was announced that the tiny Mediterranean island was accepted as one of the entries for the 2021 Americas Cup despite fees of $1 million not yet being paid up. The challenge had the backing of Italian businessman Pasquale Cataldi and was to be under the aegis of the Royal Malta Yacht Club. Funding from the Maltese government had also been part of the financial formula, but with the money not in place the RMYC are said to have decided to withdraw the challenge. Malta Altus was one of three teams struggling to raise the money needed to campaign for the Cup, Yachtingworld.com reported. The remaining two late challengers are the DutchSail challenge and US challenger Stars + Stripes USA. Challenger of record Luna Rossa and defender Emirates New Zealand had accepted an amendment to the rules allowing their entry fees to be deferred and paid by instalments. “We leave the race with a lot of... Read more