Maria Teresa Fernandez de la Vega, the Official Government Spokesperson stated yesterday that after the usual Friday Cabinet meeting, the Government had approved a decree supporting Valencia as the setting for the next edition of the Americas Cup.

Consequently, she announced that the Government was allowing 1,000 million Euros ($1.3 billion) to be 'freed up' in order that Valencia is able to prepare for the Cup races that are set to take place in 2007, but added that some 81 million Euros ($105 million) would be available immediately. She did not say when the remainder would be allotted.

Miss Fernandez de la Vega stated that the Government viewed the races as "extremely important, not only for Valencia, but for Spain as a whole". She added that the Government was waiving any rights over Social Security or residence papers for all the members of the syndicates as well as the crews that are scheduled to take part in the races and the regattas that precede them.