27.06.2008
America's Cup legal uncertainty forces AC Management to end Host City
contract with Valencia
Valencia, 27 June 2008 - 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,
Société Nautique de Genève, explains: "Too many issues, such as the
dates and participants, 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."
|
