Swiss syndicate bows out of America's Cup

Watchout campaign says US$15m not enough to compete

One of the two Swiss America’s Cup syndicates has bowed out after it said it had only raised half of the US$30 million it felt it needed to put a challenge together. The syndicate, called Watchout, was led by Geneva businessman Philipe Esig, and wished the remaining Swiss challenge, headed by Ernesto Bertarelli and Russell Coutts, every success in Auckland in 2003.