The Autoridad Portuaria de Valencia have just begun the process which will lead to a huge reorganization of the Valencian Port intented to host the future America's Cup village.

The first important step is the publication of a tender notice in the Boletín Oficial del Estado espagnol et in the Official Journal of the European Union for the "construction of a connecting canal".

The budget is proposed at €143,9 million and the deadline for receipt of tenders is 12 noon (local time) on Monday, 17th May 2004.

For the Spanish authorities the time will run very fast as the duration of the contract is 30 months from the award of the contract.