The first meeting of the 2007 Consortium took place last night in Valencia Town hall with the presence of Rita Barbera, the Mayoress of Valencia and President of the Consortium, but without Jordi Sevilla, the Minister for Public Administrations.

The representative of the Government was Fernando Palao, the Secretary for Transport at the Infrastructure Ministry, who told the meeting that the finance was in line and ready for the Americas Cup, and that there would be no problems in this regard.

The meeting approved the agreement reached between Mrs Barbera, Gerardo Camps, the Conseller for the Economy of the Valencian Government, and Mr Sevilla as the last regattas came to an end in Valencia Port.

The meeting last night decided to create a Delegate Committee that could more readily deal with day-to-day business. The meeting also issued a statement praising Jose Salinas, the outgoing Secretary General of the Consortium, and welcoming Fernando Huet as his substitute.

Also joining the Consortium were Rafael Aznar, who take the place of Rafael Moral in representation of the Valencia Port Authority, and two highly respected jurists: Juan Antonio Cremades and Luis Miguel Romero.

As a final point, a special meeting and party is expected to take place on November 26, which marks one year since Valencia was designated as the site for the Americas Cup races 2007.