Luna Rossa will not compete in the 2009 America's Cup, marking Prada's exit from the competition after 10 years.

"Participation in the next America's Cup was carefully analyzed, and while significant human and financial resources are already available, it was decided that, after three campaigns, a cycle had come to an end," team boss and Prada chairman Patrizio Bertelli said in a statement Friday.

"It has been an unforgettable experience, both from a sports and human perspective," he added. "From a corporate standpoint, participating in these three campaigns has allowed us to acquire and develop precious skills, experience and visibility for our group."

"I hope that another Italian team will be able to compete in the next edition and to keep Italy at the top of the game in the America's Cup."