Team C7 Malaysia, a prospective challenger for the 32nd America's Cup 2007, announced today that it will not challenge for the Cup.

Kristine Condell, Chief Executive Officer of the team, said this decision was made with regret but the Team would continue with the scheduled activities, which include competing in Europe this summer.

Condell, chief operating officer for the then Melbourne based C7 syndicate, a former corporate headhunter and dot-com entrepreneur, began the steps to organize a challenging syndicate in 2003, but was unable to find the sponsors she was seeking in Australia.

That quest led her to Malaysia, where in recent months, Condell worked together with the Malaysia Ministry of Youth & Sport. The aim was to develop the comprehensive Team C7 business plan to incorporate a community relations program; components of which targeted youth sailing and women's health.

The looming ACM announcement deadline of April 29, 2005 came entirely too soon for Team C7.

"If we were beaten by anything, it was time", Condell said. She made it a point to publicly recognize her "fellow team members and our corporate partners who have decided to stay with us".

Condell plans to enter Team C7 in the European sailing circuit and other international regattas.