MILAN — Luna Rossa wants out.

Prada’s sailing team said Thursday it will no longer be taking part in the 35th America’s Cup, withdrawing from the competition in disaccord with new regulations voted by organizers. Citing “serious implications” determined by the overturning of rules unanimously adopted by the teams in force since June 2014, principal Patrizio Bertelli thanked his team for the work done during the past year, underscoring that its efforts have been “frustrated by this maneuver that is unprecedented in the history of the America’s Cup.”

“However, in sports, as in life, one cannot always go for compromise, after compromise, after compromise; sometimes it is necessary to make decisions that are painful but must be clear cut, as only these can make everybody aware of the drifts of the system and therefore set the basis for the future: respect of legality and sportsmanship.”

Lamenting “a lack of credibility and uncertain technical grounds for what should instead be the most sophisticated sailing competition in the world,” the team also highlighted “a waste of important resources already invested based on the rules that were sanctioned in June last year.”

The Luna Rossa team was working in Sardinia to set up the new boat for a sailing event in Cagliari and was set to compete at the next edition of the America’s Cup, kicking off in Bermuda in June 2017. Luna Rossa said it will honor all of its contractual obligations towards the team.

Luna Rossa first competed in the America’s Cup in New Zealand in 2000.