Peter Isler, who led one of four designated American defense syndicates for the 1992 America’s Cup, dropped out because of funding difficulties.
“The cost of mounting a top-level campaign exceeds $20 million,” Isler said. “Time is so short that rather than compromising our campaign’s chances of victory, we have decided to withdraw.”
Isler had signed only one major sponsor: Hewlett-Packard. The America’s Cup Organizing Committee had set a deadline of Oct. 1 for defense syndicates to show they had secured $6 million in sponsorship.
The other defense syndicates remaining are headed by Dennis Conner and Larry Klein of San Diego and John Bertrand of Newport Beach.