Valencia is the subject of “advanced negotiations” between the America’s Cup defender Emirates Team New Zealand and the Madrid government to host the next contest for the Auld Mug, it’s being reported.

Scuttlebutt Sailing News has more on the story which suggests that a combination of existing infrastructure—in place since the Spanish port’s previous hosting of the event in 2007—and funding from government and private sources could secure ‘preferred bidder’ status.

Cork had been expected to snap up the rights last month before political wrangles dealt a blow to the campaign’s hopes.

However, with the New Zealand team’s final announcement still some weeks away, Ireland’s negotiating position remains stronger than it may realise, as international sail racing project manager Marcus Hutchinson told Afloat.ie’s Wavelengths podcast.