The Challenger of Record, Hamilton Island Yacht Club of Perth Australia dropped out. The America's Cup website has the usual informationless diplomatic comment but news sources say the Australian's dropped out because it was too hard to prepare for with no dates or venues set. Hamilton Island is blaming Oracle for this but it seems a bit of smokescreen. It looks more like Hamilton Island got in but had no plan for local design or creation of a team. Which is also odd as the hired Ian Murray who ran the last America's Cup in SF and he was completely aware of what it took and setting up of dates. Murray took a lot of heat for exactly what Australia claims it is dropping out for now. This happened last race with Mascalzone Latino the challenger of record dropped out. But another reason could be Oracle not going back to San Francisco. That was a shock for everyone who were looking forward to the same big city, big win racing in the media spotlight, not some drifter in the mid-Atlantic or a snail boat race in kelpy San Diego. With no venue back in SF, Australia may have deemed the race lacking and not worth the effort.