Valencia withdraws its bid to host the 37th America's Cup

The replica of the legendary `America`, visits Port America's Cup Valencia - `The Foredeck` was built especially for the 2007 America's Cup © ACM 2007 /Guido Trombetta

The opportunity to celebrate in Valencia the oldest sporting trophy in the world had solid economic support from institutions and business organizations of Valencia and Spain. A particular mention for all the major corporations committed to supporting the America's Cup in Valencia financially.

Although Valencia had the infrastructures and an experienced team, after months of constructive collaborations with the 37th America's Cup rights holders, the parties could not align their mutual interests.

The promoters of the Valencian bid, Niccolò Porzio di Camporotondo (Founder of H2O Riders Science & Management), Alejandro Fliquete and Carlos de Beltrán (president and manager of the RCN Valencia respectively) and Antonio Alquezar (partner of Redstone Advisory Partners), have worked during the past months to position the America's Cup as a sustainable economic model and accelerator for the city's return among the main tourist destinations in the world.

All of this with the firm intention of allowing Valencia to reactivate the local, regional, and national economy through the boost to the maritime industry, tourism, technology and innovation that the event represents.

This time, Valencia was planning to use the existing maritime infrastructures and implement a long-term Legacy Program (2021-2040) to reactivate these infrastructures and develop the unused areas to support the technological and innovation HUB that is currently being developed in the Marina.

The members of the candidacy will continue working on the legacy program.

Quotes:

Niccolò Porzio di Camporotondo: "The America's Cup would have been the perfect accelerator for the València Maritime Revitalization Plan that we have been working on and will introduced before the year-end. I would like to thank Grant Dalton, Team New Zealand and ACE for accepting València's bid, choosing it as a finalist, and for the work we have done together to get this far. As Valencia bows out, we wish TNZ, ACE and the 37th America's Cup fair winds and following seas."

Alejandro Fliquete: "From the RCN Valencia we have worked focusing our efforts on bringing a benefit to the Valencian economy. All that work well done - it is very difficult to be a finalist - has been offered to local, regional and state public administrations. The Club has always been at the service of Valencia and will always work to protect the interests of Valencians".

Antonio Alquezar: "Redstone has been involved in major international events and we are certain that the foundations that València and the America's Cup have are the right ones to drive a new sustainable event model capable of developing a legacy plan for the city. The clear benefits for both parties make it even more difficult to walk away. Thank you for the support we have received that has gotten us this far."