Australian Alan Bond, the financial muscle behind...

Australian Alan Bond, the financial muscle behind Australia's America's Cup victory in 1983, will not challenge for the trophy this year, a spokesman for his syndicate said in Perth.

John Longley, general manager for Bond's syndicate, said work on its super-maxi yacht, Waltzing Matilda, would cease immediately.

Last week, Bond gave the San Diego Yacht Club 10 days in which to reverse its decision not to accept any challenges other than the one by New Zealander Michael Fay.

Bond was notified Thursday that the decision would stand.

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