As a consequence of the continued uncertainty around the 33rd America's Cup caused by the Golden Gate Yacht Club's legal manoeuvres, AC Management and the Spanish institutions (Central State, Valencia Region and Valencia Municipality) have been left with no option but to revise the terms of their relationship, ending the contract signed in July 2007 that named Valencia the Host City for a multi-challenge 33rd America's Cup in 2009.
The two parties have entered into a new agreement that concludes months of discussions trying to adapt the contract signed after the success of the 32nd America's Cup to the current legal context. Under the new agreement, the organisation and exploitation of the Port America's Cup facilities will be managed by the Spanish institutions from 1 July; the 33rd America's Cup teams retain the opportunity to continue using their bases and the majority of administrative benefits for teams and personnel remain in force until the end of 2008.
Michel Hodara, Chief Executive Officer of AC Management, the company organising the 33rd America's Cup on behalf of the defending yacht club, Societe Nautique de Gen�, explains: "Too many issues, such as the dates and participants of the 33rd America's Cup, remain unresolved until the Appellate Division of the New York Supreme Court publishes its decision; meaning the July 2007 contract is no longer appropriate. The Spanish authorities understand the situation and we are pleased that we have come to a new agreement adapted to the current context, in the best possible spirit. We thank them for extending the use of the bases and the administrative benefits to the teams.
"This does not mean that we are leaving Valencia. The choice of the venue for the 33rd America's Cup will mainly be based on competitive factors and if Valencia is considered the best place, then a second America's Cup Match will take place here."