From their FB page:
The deadline to register team at the 36th America ‘s cup has expired. Despite the support of many major institutions and actors in the high technology industry, the project did not meet the funding in the time available.
It is a disappointment, even though we knew that this challenge was a change in the format of the 36th AC.
But the team France is in line with the goal of developing and promoting excellence in sports and technology America’s Cup.