But it did confirm to sportbusiness.com it was not currently looking at any other sports properties.
BT has been associated with the event – coined "the world's toughest yacht race" - since its inception in 1989, first as a communications sponsor and since 1993 as title sponsor.
However, following this year’s event it has decided not to renew its sponsor deal.
Spokesman Gerard Bithell told sportbusiness.com: “The fact is after a decade of involvement, we had done as much as we could with the event.
“We are still involved in sport and this should not be seen as cutting back on our sport spend, simply that we had come to the end of the road with this particular property.
“We don’t rule any type of sponsorship in or out. We are not looking at anything else at the moment but we will be continuing with what we already got.
“The BT Global Challenge has been incredibly successful for BT in terms of both brand awareness and media coverage. However, time moves on and as BT realigns its business objectives it needs to find other ways of showcasing its new technology.”
UK telecommunications firm BT has denied it is cutting back on its sport sponsorship programme after axing its association with the BT Challenge round-the-world yacht race.
