The Patagonia Cup Grade 1 Match Race event scheduled for 26 November to 2 December, Buenos Aires, Argentina has been cancelled.
Race director Alejandro Irigoyen writes:
The past 11 September events have caused a real world impact, not only emotionally but in the world's economy and most of the corporations that supported us in the project have decided to step aside.
All the enthusiasm that gathered our local yachting, on the fact of the possibility of seeing the best worldwide skippers in action, was what had this illusion of the Patagonia Cup still alive. But during these last weeks things got worse and we had to take the decision of cancelling this so awaited event.
The America´s Cup starts during the last months of year 2002, which makes impossible the possibility of organizing the Patagonia Cup in the year 2002, but still we would like to make it real in 2003.