Spanish lock eyes on America’s Cup

Valencia has emerged as another potential host for the next America’s Cup, with officials said to have been in discussions with Cup bosses for the past six months.

Just where Team New Zealand will defend the famous sporting trophy is up in the air after syndicate boss Grant Dalton confirmed this week it had rejected an offer from the Government and Auckland Council — worth $99 million in cash and kind — to keep the Cup here.

Dalton said overseas interest would now be sought for potentially hosting the event overseas.

One pitch has already been received for it to be held at the Isle of Wight. It has been reported offers from other locations — Dubai, Saudi Arabia, Cork, Singapore and China — might also be lodged.

Valencia can be added to the list of places where officials are working on an offer to gain hosting rights. Spain’s Nautica 360 website has reported that a bid from a consortium based in Valencia — on the southeastern coast — was seeking financial backers.

“The entity chaired by Alejandro Fliquete has been working and maintaining contacts with the event’s organising company for six months, with confidentiality contracts in between, together with the leadership of the Royal New Zealand Yacht Squadron,” it reported.

“The initial objective of this working group is to secure private financing that covers the initial costs of the event and to align the project with Next Gen EU funds.”

A story on Nautica 360 quoted from a project document, stating: “In recent months work has progressed with investors and leading technology companies who share the vision of making the event in Valencia a new standard for the promotion of sustainability and the path to achieve the United Nations SDGs [sustainable development goals]. Now we must double our efforts . . .”

Nautica 360 also quoted an official close to the talks who said they were seeking “local and national investors” and added: “The climate of Valencia, its welcoming culture and its great resources for reducing costs and operations will be key to convincing the owners of the rights.”

On Wednesday, Prime Minister Jacinda Ardern said the Government did all it could.

“The Government, on behalf of taxpayers, went into those negotiations in good faith in the hope of being able to retain the competition here in New Zealand,” Ardern said.

“We . . . also needed to identify the point where it wouldn’t be value for money for New Zealanders.

“The ball is in their court. We believe we’ve made a decent offer, and now it’s for them to resolve where the Cup will be raced.”

In announcing the rejection, Dalton said it was time to “explore other opportunities to ensure we can put up another successful defence”.

He also left the door ajar for New Zealand to remain as a potential host despite the rejection of the $99m package.

“If resources enable an event in New Zealand we will remain open to it,” he said.

Auckland mayor Phil Goff said the city would be “disappointed” with the rejection and that Team NZ was likely to be out of its council-owned waterfront base by March.