America’s Cup organisers will announce the venue in December.

Both Bermuda and rival San Diego have made their final submissions — and both competitors for the 2017 multimillion-dollar races have taken their best shot.

“We’re moving forward on the host venue agreement,” said Harvey Schiller, the commercial commissioner for the Cup. “Bermuda and San Diego have now submitted their final bids and in each case we have a potential partner who has presented a compelling event plan.

“The benefits of that will accrue to each of the teams leading to a successful 35th America’s Cup.”

Mr Schiller, who has been in the post only since late summer, added that it had been “a running start for me”.

He said: “We have a lot of work to do now between now and the end of the year. But all our teams have worked together and we look forward to sharing additional positive news in the coming weeks.”

Earlier this year, it was hoped the final decision would be announced by the end of last month.

The news came as a report in the New Zealand Herald said that Bermuda was considered “a showstopper” by two racing syndicates, who may not enter the Cup if Bermuda is chosen.

The warning came in a report prepared by officials for Steven Joyce, New Zealand’s Economic Development Minister. The names of the two syndicates were blacked out in the document, which was released to the New Zealand Herald after a request under the country’s freedom of information legislation.

The document said that Bermuda’s offer to host the event tax-free was seen as favourable to privately funded teams, while San Diego’s access to the huge American market could offer better opportunities for sponsorship — a key criterion for the allocation of New Zealand Government money to its entry.

The New Zealand Government declined to release the amount of funding to the newspaper, citing “a highly competitive and commercially sensitive environment” with the release of funding information likely to “unreasonably prejudice the position of Team NZ, providing advantageous information to competitors”.

But a spokesman for Mr Joyce did say that the cash funding would be less than the $30.2 million donated to the team during its last unsuccessful challenge for the America’s Cup in 2013.