Alinghi was well beaten by Oracle Racing earlier this year
Former America's Cup holders Alinghi of Switzerland will not attempt to win the trophy for a third time in 2013.
Spokesman Paco Latorre said: "Alinghi considers that the existing conditions make it impossible for the team to participate in the 34th America's Cup."
He refused to elaborate on the 2003 and 2007 winners' decision not to compete.
"We've made our announcement and that's all we have say," Latorre said. "It's not for us to say that this is good, bad, disappointing or surprising."
Alinghi were routed in two races by San Francisco-based BMW Oracle Racing off Valencia in the 33rd America's Cup in February.
Those contests only happened after a bitter two-and-a-half year legal battle between Alinghi's owner, Swiss biotech tycoon Ernesto Bertarelli, and Oracle's backer American software tycoon Larry Ellison.
Latorre said in his statement that Alinghi remain interested in the America's Cup and "will be closely following its developments in the coming months".
The next America's Cup will be sailed in a new class of 72ft catamarans, a departure from the traditional sloops.
Only three groups have filed challenge papers for the 34th America's Cup. They are Mascalzone Latino of Italy, Artemis Racing of Sweden and a group that has not been identified.
BMW Oracle Racing is considering bids from San Francisco and Italy to host the event, and will make a choice by the end of the year.