BMW announced it will end its longstanding partnership with Oracle Racing at the end of the year, thereby ending its involvement in the America's Cup.
"This is by mutual agreement of both partners. Both parties set ambitious goals and achieved the ultimate objective: winning the America's Cup," the company said in a statement.
BMW has been a partner in BMW Oracle Racing since 2002.
"On the design and engineering front, BMW engineers set new benchmarks in terms of intelligent lightweight design," said Ralf Hussmann, general manager of BMW's sports marketing and brand cooperation, in a statement. "In winning the 33rd America's Cup, we achieved all of our ambitious goals. We will continue to be involved in the sport on a national level."
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In other America's Cup news, a syndicate of Australians, including yachtsman Ludde Ingvall, skipper of the YuuZoo Big Boat Racing Team, submitted a notice of challenge for the America's Cup to the defending champion Golden Gate Yacht Club of San Francisco.
"Lodging the application reserves a place for Australia to return to competition for the world's oldest international sporting trophy," the group said in a statement.
"Excellence in youth sailing is my objective. We want to bring home the many talented Australians sailing for other countries and give them a chance to compete for their country," Ingvall said in a statement. "We want to create a legacy for future generations, something to aspire to, a reason for any Australian youngster to get out there and take part in our wonderful sport of sailing at all levels."
The last America's Cup was won for the United States by an Australian skipper on a boat designed by an Australian racing against another boat designed by an Australian for a Swiss team. Yet Australia has been out of the game for 13 years, syndicate member Peter Baker noted.