(07-24-2007) - The guarantees offered over the future enlargement of the Port in Valencia and the Formula 1 urban circuit have finally managed to convince Ernesto Bertarelli of Alinghi that Valencia after all will be the future site of the next America’s Cup. Socialist Prime Minister Jose Luis Rodriguez Zapatero plans to hold a meting later Monday with Mr Bertarelli in order to publicly show his support for staging the event in Valencia. As a result of the negotiations, the final sum payable by Valencia for staging the Cup Races has dropped by ten million Euros to 110 million (approx. 151,787,000 USD). The new competition will take place in 2008 and 2009, and will be called The Rolex Cup, with the watchmaker now becoming the official sponsor of the early regattas replacing Louis Vuitton. The official announcement will be made on Wednesday, and at that time the proportions payable by the federal, local and Town Hall Government will be announced. As things currently stand, the federal Government will pay 40%, as will the Valencian Government with the remaining 20% coming from Valencia Town Hall. -- Valencia Life Network,
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