Valencia Life: 'Valencian Government now free of ACM contract'

8:11 PM Fri 10 Apr 2009 GMT

'The contract between ACM and the Valencian Government has been cancelled after the Appeal Court decision.' MCC McCamp Click Here to view large photo

One of Sail World's sources in Valencia, the reputable Valencia Lifenewsletter advises that:

'The Valencian Government has just issued a press statement to the effect that it now considers itself free of any contractual obligations with America's Cup Management (ACM) in the light of the New Your Appeal Court finding.

'The statement adds that the contract that was signed between the Town Hall, the Valencian Government and ACM envisages this possibility and therefore with this contract we have guaranteed that in the case of a finding that went against Alinghi, the interests of the Valencian Community would be protected.

'However Major Project coordinator Jose Luis Villanueva stated that whilst the Valencian government had protected the interests of the Community, it was still hoped that the pre-regattas would be staged in Valencia.'

Sail-World will update this story when further comment comes to hand.

It is understood to only apply to the Pre-Regattas for which the Government had come under intense criticism for paying what amounted to USD1 million per day to stage two nine day regattas for a venue payment of USD9million each.

There had not been a lot of interest from teams to compete given the litigation that was underway. With case now resolved, and no announcement that a multi challenger event would take place for the 33rd America's Cup - the Valencian Government has obviously exercised their right to exit the contract for the Pre-Regattas

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by Richard Gladwell and Valencia Life

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