Gandia and K-Challenge sign enhanced sponsorship agreement. Countdown to "Gandia Challenge Race" has began

José Manuel Orengo, Mayor of Gandia, and Stephan Kandler, CEO of the French America's Cup syndicate K-Challenge, signed yesterday morning the continuation and enhancement of their sponsorship agreement.

Two aspects of this agreement are of major importance. Firstly, the city of Gandia will pay the French team a further 600 thousand euros, amount at which is calculated the value of the city's advertizing and as a result its name will now appear on the hull as well as the boom of the boat. This agreement also contemplates the wide promotional collaboration between the two parties.

The second and very important aspect of the agreement is the organization of a promotional regatta, to be named GANDIA CHALLENGER RACE, that will gather all challengers, as well as the Defender of the America's Cup, for a weekend of racing in Gandia's waters next September.

The cost of organizing and carrying out this first-class sports event will reach 1 million euros. Both parties will be responsible for its organization but the cost will be totally assumed by the city of Gandia. It is confident to be able to secure sponsor financing, as most large companies of the Gandia area are already interested in co-financing this event.

José Manuel Orengo, Mayor of Gandia, and Stephan Kandler, CEO of K-Challenge

José Manuel Orengo, Mayor of Gandia: "We would like to thank K-Challenge for their risky bet, for having established their logistical and training base in our city, a fact that has been benefitial to both parties".

Stephan Kandler, CEO of K-Challenge: "I would like to emphasize above all the warm welcome and help we have received from the city and all its citizens. If the rules of the America's Cup concerning the boat we will be using in Valencia in 2007 had allowed it, we would have built it in our Gandia base".