Duco boss Dean Lonergan says there is now 'an 80 percent chance' the fight will take place outside of New Zealand.
The decision increases the odds the fight will take place in the US, where Las Vegas or Dallas are tipped as likely venues. Los Angeles is another option as it's the hometown of Mexican-born Ruiz.
Auckland's Eden Park, Mt Smart Stadium and Vector Arena have all been slated as possible venues in New Zealand.
Lonergan says they have until November 5 to finalise a venue in New Zealand. The fight is set to take place on December 10.
"There are various options on the table and we judge each one on merit." said Duco's David Higgins.
Higgins said if they were given government funding via Major Events funding they would still have to charge Sky Television viewers to watch the event and believed that would cause backlash and make Duco 'pariahs' in New Zealand.
"It became clear to us it would have been unpalatable if we did both," Higgins said.
"We're not prepared to be pariahs in own country."
Higgins criticised Economic Development Minister Steven Joyce and the way the government has handled the idea of Duco receiving funding to help stage the fight.
"I think a couple of statements that Steven Joyce made were a little bit silly, with respect," Higgins said.
"He effectively wanted a partnership with us, a sponsorship, for free. It was not us being the freeloaders. To me that's freeloading. Reap the benefit of the event but then get the money back.
"Dean and I got a bit frustrated a feed up in the end."
