New Zealand, the three-time defending champions of the America's Cup will not be seeking to host the next edition. An Emirates Team New Zealand announcement on Monday cited a lack economic support from government.

New Zealand won the 37th America's Cup last October in Barcelona, claiming their fifth victory. Since then, they have said that they are exploring the possibility of holding the 38th edition in Auckland.

The Ministry of Business, Innovation and Employment and Government have not decided to support the bid.

Auckland will host the 36th America's Cup along with the 31st and 30th editions in 2021.

An economic impact study conducted by the University of Barcelona earlier this month showed that the event last year had a positive impact of 1.12 billion dollars for the hosts.

(source: Reuters)