Bond to Heave to Till Course Is Clear

The Australian America’s Cup syndicate headed by millionaire businessman Alan Bond will remain in limbo until there is a firm decision on the future of the event, Bond said today.

The Bond syndicate, which suspended operations two weeks ago against a backdrop of Bond’s financial difficulties, will wait until the legal wrangling between the San Diego Yacht Club and New Zealand’s Mercury Bay Boating Club is finished before deciding how to proceed, Bond said in a statement.

“We now have an atmosphere of mistrust which will probably change the course of the America’s Cup forever,” Bond said. “Until such time as all court actions are finalized and the conduct of future matches is returned to an acceptable basis, I have no option but to suspend our planning for the next match.”