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.
