On 1 October 2003, the Spanish Gove

On 1 October 2003, the Spanish Government, the Government of the Autonomous Region of Valencia and the Valencia City Hall agreed to create the Consorcio Valencia 2007 in order to promote Valencia’s candidacy as host city of the 32nd America’s Cup, as well as to adopt and implement actions to contribute to the optimum execution of the event.

The Consorcio is a public law entity with its own legal personality, assets and the full capacity to achieve its purposes. It was founded by the Spanish Government, the Government of the Autonomous Region of Valencia and the Valencia City Hall.

It is governed by its own statutes, approved by the three administrations that formed the Consorcio, dated 31 October 2003 (the version currently in force is dated 12 June 2012) and is subject to private law, except in the formation of the will of its governing bodies, in the performance of duties of public authority which it could be attributed, in the conclusion of contracts and in terms of heritage.

The Consorcio is governed by the following bodies, which assume the functions of deliberation, execution and decision provided for in its statutes.

The Governing Council is the highest governing body of the Consorcio. It has joint character, being made up of the Chairman and Deputy Chairmen, along with four council members who are appointed and dismissed by each of the three administrations which make up the Consorcio.

The Executive Committee corresponds to the powers delegated by the Governing Council. It is composed of the Director-General, two representatives of the Spanish Government, a representative of the Government of the Autonomous Region of Valencia and a representative of the Valencia City Hall.

The Presidency of the Consorcio is vested in the Mayor of the City of Valencia. The Consorcio has two Deputy Chairmen, whose positions are occupied by a representative of the Spanish Government and a representative of the Government of the Autonomous Region of Valencia, designated by both administrations.

The Director-General is appointed by the Governing Council, and is nominated by the Governing Council Chairman.

After Valencia’s appointment as host city for the 32nd and 33rd America´s Cup and the holding of the competitions, and given the Consorcio’s long-term viability for the exploitation of the infrastructures created, their aims are framed within the overall objective of self-financing, favoured by the achievement of a sufficient profitability of all the resources it may use.