Gerardo Camps, the Economy Conseller of the Region of Valencia, gave a press conference on Friday about the America's Cup.

He began by outlining the financial results of the 32nd America's Cup in a 27-page report from the Valencian Finance Institute.

The fact that the 32nd edition of the Cup took place in Valencia has generated almost 74,000 jobs, and the overall economic impact of the Cup races has been responsible for a 3.29% hike in employment and an increase of 2.67% in the Gross Domestic Product of the Valencian Community. Overall, the impact of the Cup was ten times that of the previous time it was staged in New Zealand.

After presenting the results of the 32nd edition of the Americas Cup, Mr Camps revealed that he had requested a meeting with Americas Cup Management to officially learn the status of the 33rd edition of the Americas Cup, and added that the contract should be respected in all areas - dates included - and that ACM faces the possibility of all three parties concerned demanding their money back if the event does not take place as scheduled.

Gerardo Camps stated that there does exist the possibility of withdrawing from the contract, but not altering it, but that any changes that take place should be agreed between the Valencian Government, Valencia Town Hall and the Madrid Government.

In this way, if Americas Cup Management decides to break the contract, then it must refund the Spanish side all the money paid thus far.

However, Mr Camps added that the contract for the moment remains in force, and even if Alinghi decides not to stage the 33rd edition in Valencia and wait for the 34th, then this would also mean a fuller competition and a better competitive system.