NEW YORK--The British have withdrawn their challenge for the America's Cup in 1970, apparently because of economic factors, the New York Yacht Club announced Wednesday.

The Yacht Club revealed no details except that the Royal Yacht Club had decided not to challenge. However, experienced observers abroad have speculated that present economic conditions in England were the influencing factor.

The withdrawal of the British still leaves the French and the Australians vigorously preparing for the elimination trials.

The British last challenged for the Cup in 1964. Their representative, The Sovereign,lost four straight races to the American defender, The Constellation.

The United States has never lost the series, which started in 1851.

The last challenge took place in September 1967. The Intrepid beat back Australia's Dame Pattie in four straight races.