Switzerland’s Alinghi yacht syndicate - which has twice won the prestigious America’s Cup - is pulling out of competing in the next event.
A statement said the team, backed by Swiss billionaire Ernesto Bertarelli, would instead launch a new programme to compete in the Extreme Sailing Series.
It added that it considered the existing conditions made it impossible to take part in the next America’s Cup competition.
The Extreme Sailing Series is a championship raced with 40-feet catamarans.
In September, holders BMW Oracle Racing announced that the next America’s Cup regatta would take place in 2013 in a new class of boat, the AC72, a wing-sailed catamaran.
Alinghi follow British syndicate Team Origin and Italian teams Prada and Azzurra in opting out of the next America's Cup.
BMW Oracle Racing declined to comment on the announcement.
swissinfo.ch and agencies