The Spanish city of Valencia has pulled out of the bidding process to stage the next edition of sailing’s America’s Cup due to reported conflict between the organisations backing its bid.

The development comes shortly after the city’s bid representatives had highlighted its strong application, citing its previous experience, infrastructure and sustainability credentials as reasons it should host the event.

However backers, H2O Riders Science and Management, the Real Club Nautico de Valencia and Redstone Advisory Partners, “could not align their mutual interests", according to Sail World. 

The trio had promoted the America’s Cup as a vehicle to restimulate the country’s economy through tourism. They will continue to collaborate on its legacy programme that runs until 2040.

Antonio Alquezar, director of Redstone, said: Redstone has been involved in major international events and we are certain that the foundations that València and the America's Cup have are the right ones to drive a new sustainable event model capable of developing a legacy plan for the city.

“The clear benefits for both parties make it even more difficult to walk away. Thank you for the support we have received that has gotten us this far."

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Due to Valencia’s withdrawal, only Cork in Ireland and Jeddah in Saudi Arabia now remain on the international shortlist to host the 37th edition of the event in 2024.

It is understood that Valencia, along with Barcelona, could still host some America’s Cup matches and preliminary events as part of a separate “all-Spain” application.

Valencia previously hosted the America’s Cup in 2007 and 2010.

The winning bid will be announced by Team New Zealand and the Royal New Zealand yacht Squadron on Friday (17 September).