King Juan Carlos stated that he considered it very important that a second Spanish challenger take part in the races.

He made this statement after Pedro Perello, director of the Transpac 52 ‘Siemens’ project, presented his project for the Ayre syndicate to the monarch a few days earlier.

Commenting to the press, Mr Perello stated that Ayre was completely different from The Spanish Challenge, and added that he had made an arrangement with Paul Cayard to undertake the selection of the crew for the new craft, whilst the designer is expected to be Juan Kouyoumdjian, one of the members of the BMW Oracle Racing design team, and the designer of ABN AMRO for the last Volvo Ocean Race.

It also would appear that the Ayre syndicate would take over the former base of Luna Rossa in Valencia Port.

The first information would appear to reveal that a major German telecommunications company may take a 60% stake in Ayre, and a special Social Council will be set up under the Presidency of Iñaki Urdangarin, the Duke of Palma.

The full details of the new syndicate will be revealed in a press conference at the Valencia Modern Art Museum - IVAM - in the autumn.