The Valencian Government and Valencia Town Hall yesterday signed an agreement with Americas Cup Management for the organization of two sets of regattas prior to the 33rd edition of the Cup.

The first of these is set to take place between July 10 & 19 at a cost to the two government bodies of nine million Euros.

However what happens with regard to the second regatta will depend on the outcome of the Appeals Tribunal of the New York Supreme Court who may hand down a decision later today in the dispute between Alinghi and BMW Oracle Racing.

In the case that the court decides in favour of Alinghi, then the  second regattas will take place around September 15, but if the court finds for BMW Oracle Racing, the financial conditions over the second regattas will have to be renegotiated.

In any case, the actual figures depend on the level of participation - currently nineteen syndicates have signed up - as each set of regattas should have at least eleven entrants, any figure lower than that would result in less money being paid to ACM.

Also left out of the contract is the clause explicitly excluding BMW Oracle Racing, but the syndicate has not yet signed on for any event.

Also, sitting on the fence is the Socialist Government, that may decide to participate once the New York finding is made public.