Rome - In a statement released on Thursday, Team Luna Rossa has announced its intention to pull out of the 35th America’s Cup to be held in 2017. The move follows a vote to reduce the size of the boats which will enter the race.

 Organisers of the America’s Cup had commented that most of the teams who take part in sailing’s most prestigious race, were in favour of 48-foot boats as opposed to the current 62-footers. However, Team Luna Rossa and Team New Zealand are two high profile crews known to object to the change in regulations.

 “Following a careful evaluation of the serious implications of this unprecedented initiative, Team Luna Rossa confirms that it will withdraw from the 35th America’s Cup,” said the team in a statement. “Team Luna Rossa regrets the repercussions that this difficult decision will have on the members of the Team – although it will honour all of its contractual obligations... – and obviously understands the disappointment of the many fans who have supported Luna Rossa through the last four editions of the America’s Cup.

 The change in regulations was deemed to be a way to reduce expenses for teams entering the regatta but according to reports, Team Luna Rossa had already contributed a great deal of work to the development of their larger boat.