Valencia has announced its bid to host the next America's Cup.
The 37th edition is up for grabs, after defenders Team New Zealand rejected the Government's $99m offer to keep the event in Auckland.
The Spanish city hopes they can access a multi-billion dollar fund created by the European Union intended to help countries recover from the financial damage caused by COVID-19.
Valencia has previously hosted the regatta in 2007 and 2010. The 2007 edition - won by Alinghi - is regarded as one of the most successful in recent memory, with 11 challengers on record and enormous local support.
"The Real Club Náutico de Valencia, as a club, has already helped bring the America's Cup to Valencia in the past," says club director Carlos de Beltrán.
"Due to its continuous commitment to the development of sailing and the improvement of the Valencian nautical sector, it is natural that the club is a natural member of the candidacy.
"As a Valencian and a professional in the America’s Cup, I cannot imagine a better venue for the 37th edition."
The city believes hosting the event will both stimulate tourism and provide an opportunity to showcase its eco-friendly approach to technology.
"Our working group is committed to bringing the America's Cup back to Valencia," says spokesperson Francesco de Leo.
"In recent months, work has progressed with investors and leading technology companies who share the vision of making the event in Valencia a new standard for promoting sustainability and the path to achieving the United Nations SDGs (Sustainable Development Goals).
"Now we must double our efforts to succeed in this endeavour to promote Spain and Valencia as a world-class innovation lab."
Other potential hosts include Dubai, the UK's Southampton and Isle of Wight, and Beijing, with the event expected to take place in 2023 or 2024.