Mean Machine have announced the withdrawal of their entry for the Volvo Ocean Race 2008-09 after failing to secure the full funding for their campaign.
The Dutch syndicate, headed by Peter de Ridder, had been in negotiations with a number of potential backers but with the start of the next event in Alicante next autumn, it was decided time had run out to put a competitive entry together.
The funding shortfall at this point has a direct impact on the timings in terms of logistics and the construction of a new boat.
The tough decision to abandon the project, which had been launched 10 months’ ago, was made jointly by de Ridder, skipper Ray Davies, and operations manager Dirk de Ridder.