THE SIDELINES : Money Woes to Keep Alan Bond Out of ’92 America’s Cup Race

Troubled Australian financier Alan Bond has ended his 17-year association with yachting’s America’s Cup, saying he will not be involved in the 1992 challenge off San Diego.

Bond, the first person to win the cup from the United States in 132 years when he took the trophy in 1983, said from London that his financial difficulties and a lack of adequate preparation time had contributed to his decision.

Bond’s companies have debts in excess of $4 billion. He is not giving up the quest completely, though.

“I have long-term plans to compete again--it remains my goal to bring the America’s Cup back to Australia,” Bond said.

His three unsuccessful challenges and one victory, with the Ben Lexcen-designed Australia II, are estimated to have cost more than $16 million.

In 1987 in Fremantle, Bond’s Australia III syndicate lost the right to defend the cup to Kevin Parry’s Kookaburra syndicate. American Dennis Conner won back the Cup in that series.

Bond began preparing for the 1992 challenge in 1987, and has spent several million dollars developing the new International America’s Cup Class yacht that will replace the 12-meter series. But project staffers were laid off late last year, and little has been done since then.

He said the work already done by his syndicate will be given to fellow Australian Iain Murray’s Darling Harbor challenge in Sydney.