The Spanish city Valencia has launched a bid to host the next America's Cup, emphasising its history as a host, existing infrastructure and location as reasons for Team New Zealand to choose them.
Real Club Nautico de Valencia released a statement this morning confirming their intent to host the 37th America's Cup with an entry led by Italian businessman Francesco de Leo, Niccolo Porzio di Camporotondo and club member Carlos de Beltran.
The club said it was ready to make its bid now that the exclusive negotiation period between Team New Zealand and the New Zealand Government for an Auckland event - which resulted in a declined $99 million offer by the holders — has ceased.
"Our workgroup is fully committed to bringing the America's Cup back to Valencia," de Leo said.
"Over the past months, work has been proceeding with investors and leading technology companies that share the vision of making the event in Valencia a new standard for promoting sustainability and the journey to meet the UN SDGs (Sustainable Development Goals).
"Now we must double our efforts to succeed in this endeavour to promote Spain and Valencia as a world-class lab for innovation."
Valencia hosted the 2007 and 2010 editions of the Cup when Swiss syndicate Alinghi were the title holders with much of the infrastructure used during those events still available for use.
The 2007 America's Cup is widely considered one of the most successful regattas in the event's history with 11 challengers present.
Real Club Nautico de Valencia said a driving force behind the entry is the hope it could stimulate the economic recovery in Spain after the Covid-19 pandemic and reactivate sectors such as tourism with teams and families alone injected NZ$200 million into the economy during the 2007 edition.
The club also believes hosting the next regatta will make Valencia the "European America's Cup hub".
"The Real Club Náutico de Valencia, as a club, already helped bring the America's Cup to Valencia in the past, and thanks to a continuous commitment to promote sailing and improve Valencia's maritime business sector, it is only natural that we are involved in this candidacy," de Beltran said.
"Nevertheless, while the working group recognizes this opportunity, it understands the dynamics of the current financial realities.
"For this reason, the objective is to initially secure private funding, able to underwrite the costs of the event, and then aligning the project with the Next Generation Recovery Funds."
With Auckland's initial bid declined, Doha in the Middle East and Portsmouth in England have been touted as other possible hosting venues.
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