Mayor of Valencia warns Malaga about the high cost of hosting the America's Cup

The mayor of Valencia, Joan Ribó, has said that the city would be "delighted" to host the sporting event again "but not at any price". He warned, "New Zealand (the organising team) has a problem and that is it has to pay the large debts that the last America's Cup entailed."

Regarding the candidacy of Malaga, the Valencian council leader said, “If you have the resources to do it, as many of you want, then it's your business. We have always offered the infrastructure, which is among the best in the world, and the services that the city council can provide, but the economic resources seem very important to dedicate to more urgent issues at this time."

However, sources close to the Valencian municipal government told SUR they had declined to participate financially because the negotiations with the organisers were "not very transparent." In their opinion, what Team New Zealand intends to do is an auction, "let's see who gets it by paying as much as possible."

Costs in Valencia would be lower because the infrastructure is in place. In Malaga it would be necessary to undertake the extension of the eastern port at an estimated cost of between 20 and 30 million euros.

The sources consulted also threw a bucket of cold water on the aspirations of the mayor of Malaga, Francisco de la Torre, to obtain money from the central government. At the most, the Ministry of Culture will make the Declaration of Public Utility which allows tax advantages to sponsors but they will not invest a euro.