Malaga city is in negotiations to host the 2024 America’s Cup, the oldest sporting event in the world. If successful, the city is betting on a promotional and economic boom.
Both Valencia and Barcelona previously considered hosting the prestigious sailing competition but pulled out when they could not secure regional financing. However, in terms of the positive economic impact of hosting a sporting event, the America’s Cup ranks just behind the Olympics and football’s World Cup. In 2017, the sailing competition pulled in 68 million viewers.
When Valencia hosted the 32nd America’s Cup in 2007, it is estimated the event created 73,859 jobs and increased Valencia’s GDP by 2.67 per cent.
Current cup holders New Zealand did not bid to host the event again due to a lack of government support, leaving Cork and Jeddah – and now Malaga – in the running. The winning bid will be announced on 31 March.
The America’s Cup was first contested in 1851 making it the oldest trophy in international sport, predating the modern Olympic Games by 45 years.