(AGI) Sydney, July 19 - Team Australia, the officialchallengers of Oracle, the record title defender, havewithdrawn from the 2017 America's Cup because of the mountingcosts. America's Cup Event Authority chief executive RussellCoutts commented: "We are very disappointed to be receivingthis news. We were excited to have Australia as a challengerand we were also looking forward to the prospect of holdingAmerica's Cup World Series events in Australia." . .