Team France have announced they will not enter the next America's Cup in Auckland after failing to secure funding for the campaign.
Franck Cammas' syndicate made their debut at the last regatta in Bermuda but after the loss of major sponsor Groupama, the team has been unable to muster the finding needed to compete in 2021.
Instead, plans are already in place to contest the next America's Cup.
"There is still much to be done in France to convince the decision makers that this trophy – the most coveted in the world sailing and whose regattas are followed by a large audience – is a great opportunity to highlight sports performances and French technological expertise," Cammas said in a statement.
"The experience and knowledge accumulated at the 35th America's Cup (in Bermuda) is a solid foundation on which Team France will rely to prepare its participation in the 37th America's Cup and to bring together the best sporting and technical skills in order to be operational early 2021."
Team New Zealand confirmed eight new challengers had been received for Auckland when the second deadline passed on November 30.
The Cup defenders hinted only one of the challengers was eligible to be accepted immediately with the remaining seven needing to go through a vetting process - not all the challengers were expected to be accepted.
Italian syndicate Luna Rossa, American Magic and INEOS Team UK are the confirmed challengers to date.