(CNN) -- The Mexican Football Federation have pulled out of the bidding process for both the 2018 and 2022 World Cups because of financial concerns during the current economic downturn.
The World Cup will not be returning to Mexico after the country pulled out of the buidding process.
In a statement on their official Web site, the federation said: "The decision is based on two premises: the global economic environment and the investment required in infrastructure.
"The outlook regarding the global economic environment does not allow the country's authorities -- neither at federal nor local government level -- to commit funds towards the necessary works that will be required."
The federation added that it would be "practically impossible" to find the public and private investment required to bring the country's stadia up to scratch in time to stage the event.
"In Mexico we do have a sufficient number of stadia to stage the contest, but the majority of these were built several years ago to meet old FIFA requirements," the statement continued.
Mexico, who hosted the World Cup in 1970 and 1986, were always considered outsiders in the 2018/2022 tender.
With the neighbouring United States putting together an impressive bid and the 2014 edition being staged in Brazil, it was always unlikely that FIFA would opt for more than one country in the Americas when voting on the hosts for the 2018 and 2022 events.
The other bidders include England, Australia, Indonesia, Japan and Russia, while Portugal and Spain have tabled a joint bid, as have Belgium and the Netherlands.
South Korea and Qatar will compete with the other eight bids to host the 2022 World Cup, with FIFA set to decide on the hosts of both events in December 2010.
FIFA secretary general Jerome Valcke added: "Even though Mexico, one of the biggest football nations on earth and host of two FIFA World Cups, has finally opted to withdraw its bid to stage a third edition, FIFA wishes to thank the whole Mexican football family for having taken part in this process.
"We obviously fully respect this decision and are very much looking forward to continued cooperation with the Mexican Football Federation as another very nice goal approaches, namely the FIFA Under-17 World Cup 2011, for which the preparations are well on track."