Bermuda and San Diego have been shortlisted to host the 2017 America's Cup.
Sir Russell Coutts, director of the America's Cup Event Authority, said both Bermuda and San Diego had made compelling cases.
"We will be in good hands with either venue."
Chicago, which was also in the running, is now a likely venue for America's Cup World Series racing in 2015 and 2016.
America's Cup racing in Bermuda would take place close to shore, within the Great Sound.
Racing in San Diego, one of only seven cities to have hosted the America's Cup, will take place in San Diego Bay instead of offshore as in 1988, 1992 and 1995.
"We are now able to focus on two venues that are motivated and enthusiastic at the prospect of hosting the next America's Cup," Coutts said.
"I'm confident that we're on target to finish with a venue that allows us to achieve our goal of hosting an exciting and successful America's Cup."
The host city will be named before the end of the year.
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