Adam Pearson said the Hull bid would stand the city in good stead
Hull's bid to be part of England's 2018 World Cup bid has been rejected.
Applications from Derby and Leicester also failed to make it into the FA's list of 12 successful host cities, which include Leeds and Sheffield.
Hull City chairman Adam Pearson said he was "extremely disappointed" that the club's KC Stadium was not selected by the England 2018 bid team.
He said: "We sat here with very high hopes and I think the work that has gone into the bid was excellent."
Staging a World Cup match could have played an important part in the regeneration of the city, Mr Pearson said.
"I think the learning process will stand the city in good stead going forward," he added.
"We tried to prove that we had put on international events of high calibre at this venue before, but in the end they decided to go to rather more unproven venues such as Bristol and Plymouth which is a surprise.
"We wish them well and we move on."
Hull bid co-ordinator John Holmes said: "It is eight years since the gates were locked at Boothferry Park [Hull City's former ground].
"This club and this city have come a massive distance in that time and to even be considered as a candidate at this stage is a great achievement."
England 2018 deputy chairman Lord Mawhinney, who headed the selection panel, said: "England's fortunate to have so many good stadia and I would like to congratulate all of the applicant host cities for the seven months of really hard work they have put in.
"We have chosen cities which present the lowest possible risk to Fifa and it's Fifa who will make the final decision.
"There will also be a lot of disappointed football fans around the country, I understand that, and if I was a fan of theirs I would be just as disappointed."