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US challenger BMW Oracle Racing giant trimaran sails during the second race of the 33rd America's Cup off Valencia's coast on February 14, 2010 in Valencia, Spain.

San Francisco’s already-strong chances of hosting the next America’s Cup received a boost on Wednesday when the only other known bidder announced it would miss a deadline set by regatta organizers.

America's Cup organizers have long told the worldwide yacht racing community that they will announce the main venue for the next event by Dec. 31, which is Friday. On Wednesday they reaffirmed their commitment to stick to that timeline.

San Francisco finalized its bid on Dec. 14, but the terms were less generous than those demanded by event organizers, who are led by billionaire Larry Ellison. Ellison's BMW Oracle Racing team clinched the Cup earlier this year. BMW recently announced it is dropping its sponsorship of the team, which will be renamed Oracle Racing on Jan. 1.

Race organizers working on behalf of Ellison began courting alternative hosts several days before San Francisco's bid was finalized. Ellison and the event organizers were apparently unhappy that the city modified its initial proposal in the wake of objections from some local officials. 

Since then, Newport, RI has emerged as the main other contender to hold the event. On Wednesday, Rhode Island’s economic development corporation told the Associated Press that it would not be able to submit its bid by the Dec. 31 deadline.

The 34th America’s Cup Event Authority told the Bay Citizen on Wednesday evening that it plans to adhere to its original timeline for the selection of a host city, despite Rhode Island’s announcement.

“We're still on track to make an announcement by our deadline of Dec. 31,” event authority spokeswoman Stephanie Martin said in an email. “We're still in the venue assessment process and no cities have been excluded at this point.”

Rhode Island Economic Development Corporation Executive Director Keith Stokes on Wednesday said that it would take another week or two before financial details of the region's bid are finalized, the AP reported.

“Clearly, competition has been hot and heavy between San Francisco and Newport,” Stokes said during a Wednesday morning press conference.

Stokes said the Newport bid was based on improving roads, utilities and other infrastructure and facilities in the lead-up to the event.

An economic impact report was released during the press conference that indicated the event could be a billion-dollar boon for the region.

Newport and Rhode Island filed a proposal in early December to host some of the pre-regatta events that event organizers aim to hold around the world in the lead-up to final Cup matches that are scheduled for 2013.

“We were contacted by the event organizers in mid-December about potentially hosting the final,” Rhode Island Economic Development Corporation spokeswoman Melissa Chambers said in an email on Wednesday. Since then, she said, “We have been actively engaged in discussion for the final race.”

Chambers declined to say whether Ellison’s team was seeking long-term development rights on public land, as it sought in San Francisco.

“We are not inclined to disclose details surrounding our negotiations,” Chambers said.

Despite the ongoing negotiations between America’s Cup organizers and potential East Coast hosts, San Francisco officials have been standing firmly by their bid.

San Francisco officials were locked in meetings on Wednesday regarding the city’s bid and emerged sounding confident about its prospects of hosting the event.

“We have met every deadline established throughout the bid process and we continue to believe that San Francisco is the best place on earth for the America's Cup,” Mayor Gavin Newsom spokesman Tony Winnicker said in a statement. “No other city has advanced a bid that provides the same guarantees, promise of reward and benefits for the team, the sport of sailing and the City.”