According to the Spanish newspaper La Libertad, Iberdrola want entered into a new partnership with Desafío.

With this commitment, the Spanish syndicate have secured the necessary backing to ensure their participation in the next edition although Zulueta said the team still had to gain more sponsorship to have a full budget available.

Zulueta said no matter where the next edition was held, Desafío would be based in Valencia for the first two years of preparations before moving on to the America's Cup venue.

"The base will be in Valencia because there will be a Spanish challenge," team director Agustin Zulueta was quoted as saying by local media.