The island of Bermuda and the city of San Diego have been shortlisted as potential host cities for the 35th America's Cup.
Chicago, which had also been under consideration, is now a likely venue for America's Cup World Series racing in 2015 and 2016.
"Both Bermuda and San Diego have made very compelling cases to be the host for the next America's Cup," said Russell Coutts, Director of the America's Cup Event Authority (ACEA). "We will be in good hands with either venue."
Bermuda is 640 miles (1,030 km) east-southeast of North Carolina. It is known to sailors for the Newport to Bermuda race, as well as the Bermuda Gold Cup match-racing event, both of which have a long history of success on the island and a sterling reputation among sailors. America's Cup racing in Bermuda would take place close to shore, within the Great Sound.
San Diego is one of only seven cities to have hosted the America's Cup. When the Cup was previously held there in 1988, 1992 and 1995, the race course was far offshore, on the ocean waters beyond Point Loma. But if San Diego were selected as the venue this time, racing would take place in San Diego Bay, offering incredible viewing opportunities for spectators along the city's waterfront.
To advance the venue selection process over the coming months, the America's Cup Event Authority will work closely with both venues to finalize logistics requirements and commercial opportunities, as well as to establish the needed relationships with private and public entities to ensure a successful event.
It is through this process that the final host city for the next America's Cup will emerge.
"We are now able to focus on two venues that are motivated and enthusiastic at the prospect of hosting the next America's Cup," Coutts concluded. "I'm confident that we're on target to finish with a venue that allows us to achieve our goal of hosting an exciting and successful America's Cup built on a strong commercial foundation."
The host city for the next America's Cup will be announced by ACEA before the end of this year.