The announcement of the final agreement for the 33rd America's Cup would be imminent and could take place as early as next Wednesday.

According to the reports, the two parties have worked out the final details of the contract and Valencia will repeat as host city of the America's Cup whose 33rd edition will take place in 2009, two years from now. For that reason, Ernesto Bertarelli, head of Alinghi, is having a meeting today at 5pm in Madrid with Spain's prime minister José Luis Zapatero.

All three levels of public administration involved (central, regional and local) work in tandem and no efforts will be spared to assure Bertarelli they all are fully behind this event.

As a result of the negotiations, the final sum payable by Valencia for staging the Cup Races has dropped by ten million Euros to 110 million.

Always according to the same reports there will be two Acts held in Valencia in 2008 during the months of June and July. Unlike the 32nd edition of the world's oldest sports trophy, each team will race only once a day and only one race course will be used, the north one.

For 2009 the reports call for the Challenger Selection Series to begin in April, similarly to what took place this year. Nevertheless, the major difference lies in the name of the title sponsor of the series.

According to the reports, Rolex will now take the place Louis Vuitton had occupied during the last quarter century and the series will be called "Rolex Cup", or a derivation of it.

The intention of the organization is to hold the America's Cup Match approximately in the same time frame it took place in the 32nd edition, that is from late June to early July.

None of the reports specifies any regattas or Acts outside of Valencia, although it is obvious that we should expect them. It is a feature that gave excellent results in the 32nd edition and there is no reason why it shouldn't also do in the 33rd.