The original home of the America's Cup has decided not to enter the 37th edition of the event.
The New York Yacht Club, which backed American Magic in the 36th America's Cup in Auckland, has written to members saying it won't challenge in 2024.
The New York-backed American Magic had an ill-fated campaign in Auckland with its boat 'Patriot' capsizing and almost sinking during the Challenger series in January.
The agreement to back American Magic expired after this year's regatta.
AdvertisementAdvertise with NZME.
It's understood American Magic, led by Terry Hutchinson, still intend to be part of the next America's Cup and has found another as yet unnamed yacht club while retaining its two team principals.
Team New Zealand and INEOS Britannia are due to release the protocol for the 37th America's Cup next month, while no host venue has been finalised.
The hosting decision for the next America's Cup was delayed last month to allow more time to find the right venue, including a last-ditch bid to keep the Cup in Auckland.
However, hopes of an Auckland defence took a blow following disagreements between Kiwi rich-lister Mark Dunphy, who led the America's Cup Kiwi Home Defence campaign, and Team New Zealand boss Grant Dalton.
Three international candidates – Cork in Ireland, Barcelona in Spain and Jedda in Saudi Arabia – are reportedly being considered as hosts.