Chris Poole and his Riptide Racing sailing team have officially withdrawn their bid to be a challenger for the 38th America’s Cup, the world’s most prestigious regatta.

Poole, who grew up in Falmouth, announced in December he was mounting a late attempt to raise at least $30 million to pay the America’s Cup entry fee and have the funds to mount a campaign. The America’s Cup will be contested in Naples, Italy, in the summer of 2027. Initial training sessions will begin this spring.

As late as last week, Poole, 37, was striving to find a donor to cover the roughly $6 million entry fee to join the competition, which currently features defending champion Team Emirates New Zealand and four well-heeled challengers. The deadline to enter was Tuesday. The five teams in the field, known collectively as the America’s Cup Partnership (ACP), had extended the original Jan. 31 deadline to give other teams, including Riptide Racing, a further opportunity to enter.

“Although we lined up significant commitments from financial backers and partners, we ran out of time to line everything up for the 38th America’s Cup,” the team announced in a press release.

In the press release, the team indicated it will begin in earnest a bid to compete in the 39th America’s Cup, in 2029.

“Those who were a part of our team during this effort know just how far we got, and how close we came to making this 38th challenge happen. The conversations we have had with interested parties and sponsors are key as we continue on our road to the America’s Cup.”

With Riptide Racing’s official withdrawal, the America’s Cup appears increasingly likely to be without an American entry for the first time in the event’s 175-year history.

Poole got his sailing start in youth learn-to-sail programs in Casco Bay. He has been the top-ranked match-race sailor in the world since 2022. Poole had the backing of the Seawanhaka Corinthian Yacht Club in Oyster Bay, New York, where he lives.