Joan Ribó, Mayor of Valencia has warned Malaga about the high cost of hosting America’s Cup. He said the city would be thrilled to host the event again but not with a price tag. He warned that the organising team, Team New Zealand, has an issue and that is it has to pay the massive debts associated with the last America’s Cup.
Ribó said if they have the resources to do it, it is their business and they can host as many as they like. In addition, that they have always offered the infrastructure, which is one of the greatest across the globe, and the services the city council can offer, but the economic resources are very important and should be dedicated to more urgent matters currently.
Sources close to the Valencian municipal government said they declined to participate financially due to the negotiations with the organisers being very unclear. They feel that Team New Zealand wants to do an auction. The costs in Valencia would be far lower due to the infrastructure already being in place. If it were hosted in Malaga, the eastern port would have to be extended which could cost between 20 and 30 million euros.
The sources also disagreed with the mayor of Malaga, Francisco de la Torre to use money from the central government. The Ministry of Culture will make the Declaration of Public Utility that enables tax advantages to sponsors but they will not be investing a euro.