The next Americas Cup will be held in Barcelona in Spain.
A bid from the Government and the Auckland Council to hold the event on Waitematā Harbour has been turned down by Team New Zealand and the Royal New Zealand Yacht Squadron.
Team New Zealand chief Grant Dalton says there was not enough money invested into holding the event in Auckland to cover costs.
He says the Government and Auckland City Council pledged about $90 million, but only $30 million was tangible money.
Auckland Mayor Phil Goff says the city's residents will be disappointed that the America's Cup will be held overseas, but commercial interests have won out.
He told Morning Report the last Cup in Auckland was a great event.
