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Team Australia's new AC45 catamaran speeds over the water during its first outing on Sydney Harbour on March 6, 2014. Olympic champion Mathew Belcher was named on March 6 as skipper of Australia's America's Cup entrant as the country looks to win the prestigious Auld Mug for the first time since 1983.

SAILING: Australia's hopes of reclaiming the coveted America's Cup trophy in 2017 are over with financial constraints forcing Team Australia's withdrawal from sailing's marquee event.

Will Ryan, Mathew Belcher and Victor Kovalenko after winning gold in the 470 men in Holland, 25 May 2013

AIS: The Australian Institute of Sport continued its focus on investing in sports with the greatest potential to deliver international success at the announcement of its annual investment allocations to sports today.

Team Australia's new AC45 catamaran speeds over the water during its first outing on Sydney Harbour on March 6, 2014. Olympic champion Mathew Belcher was named on March 6 as skipper of Australia's America's Cup entrant as the country looks to win the prestigious Auld Mug for the first time since 1983.

SAILING: The America's Cup has shaken and stirred the rules for the 2017 regatta.

Harry Gordon (C) poses with AOC President John Coates (L) and Australian Olympian Herb Elliott (R) during the Launch of 'From Athens With Pride' by Harry Gordon at Museum of Contemporary Art on May 9, 2014 in Sydney, Australia.

AOC: Australian athletes and administrators have played a pivotal role in the Olympic Movement for 120 years.

Lasor sailor Tom Burton celebrates winning the ISAF World Cup in Hyeres, France - 26th of April 2014.

SAILING: Darren Bundock and Nina Curtis have missed out on a World Cup gold medal in controversial fashion during an otherwise vintage day for the Australian sailing team off southern France.

Mathew Belcher and Will Ryan after crossing the 470 Worlds finish line to win the title in France on 10 August 2013.

The qualification stage at ISAF Sailing World Cup Hyères, France has drawn to an end with Australian Sailing Team crews performing strongly.

Tom Burton of Australia competes in the Laser Men's One Person Dinghy Gold Fleet on the Parmelia Course during day thirteen of the 2011 ISAF Sailing World Championships on December 15, 2011 in Perth, Australia.

SAILING: World No.1 sailor Tom Burton is fast emerging as London Olympics hero Tom Slingsby's natural successor after a brilliant come-from-behind win at the latest ISAF World Cup regatta.

Team Australia's leader Bob Oatley (R) talks to skipper Mathew Belcher (2nd R) as Sandy Oatley (C) chats to the syndicate's CEO Iain Murray (2nd L) and sailor Tom Slingsby (L) at the launch of the new AC45 catamaran on Sydney Harbour on March 6, 2014.

SAILING: Olympic champion Mathew Belcher insists he can defend his gold medal while also leading Australia's new America's Cup team.

Some of the highlights of 2013.

OLYMPIC: In years squashed between a Summer and Winter Olympics, you get a wonderful blend of inspiration. From the slopes of Austria to the Australian shores, you don't have to look far to see Australian athletes striving for excellence. Relive the #ASPIREtoSochi #ASPIREtoNanjing #RoadtoRio magic of 2013!

AOC President John Coates poses for a photo in front of the Sydney Opera House on October 17, 2013 in Sydney, Australia. Coates last night was named Chairman of the 2020 Tokyo IOC Coordination Commission.

AOC: The President of the AOC John Coates believes performances by Australia’s Olympic athletes have “bottomed” and results will improve as we get closer to the 2016 Rio Games.

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