The 33-year-old Cremer gave birth in late 2022 but she was removed as captain as the team believed she was unable to qualify for the epic race after a change in regulations.
However, instead of replacing the skipper, they have now pulled out altogether.
"We can no longer meet the conditions to go into the race on an even keel," the sponsor said.
Cremer claimed she has been effectively banned from entering the race because she had became a mother.
"Banque Populaire regrets the current situation and understands the emotion it has aroused amongst the public," the team said Friday.
Cremer finished 12th last time out and was the first female skipper to cross the line off the Atlantic coast of western France.
Rules have changed since then and all skippers who do not have a new boat are obliged to take part in a certain number of races to accumulate qualifying miles.
A skipper must also qualify on the craft in which they will compete, take part in two solo races in the lead up and also finish them both within a certain cut off time.
In the past, any sailor who had finished a previous race automatically qualified for the next edition.
The race is expected to embark with around 40 competitors, seven more than started the almost 24,000 miles epic in 2020.
Only 25 craft completed the course in 2020 with six women amongst the finishers.
