Valencia Sailing revealed that second Spanish Challenger for the America's Cup is about to be unveiled.

Leading Mallorcan yachtsman Pedro Perelló, whose TP52 Siemens is, currently, leading the Copa del Rey, has been in discussions about the project for about three months and is has Paul Cayard & Guillermo Parada in mind for the roles of skipper/tactician and helmsman.

Ideally, Perelló would like to have his design team led by Juan K, who was part of the BMW Oracle team for the 32nd America’s Cup and designer of the two ABN AMRO yachts for the Volvo Ocean Race. The problem is that the Argentinian already has several offers on the table from other potential challengers.

Nothing has yet been decided about the challenging yacht club; there are several options, but Perelló is hoping it will be the Real Club de Palma. The decision depends on whether the local Balearic Government is prepared to support the project financially.

Perelló is aiming for a minimum budget of €100 million, which he sees as essential for a potentially winning project and is hoping to raise this from sponsors worldwide. He also wishes to focus on the social benefits of the campaign, as Team Shosholoza did in the last cup, and will probably form a liason with the Fundacion del Duque de Palma, Iñaki Urdangarin, husband of the Infanta of Spain.

With a Cup looming in 2009 and Acts in 2008, Perelló knows he needs to move quickly, if he is to acquire a version 5 IACC yacht for the Acts and build a new boat for the competition proper.