Statement from Desafío Español

November 28, 2007

Regarding the resolution published by the New York Supreme Court for the case filled by GGYC against SNG about the validity of Club Náutico Español de Vela as Challenger of Record, Desafío Español states: Desafío Español respects the decision of Justice Cahn but does not share his interpretation regarding the validity of Club Náutico Español de Vela.

Desafío Español has always acted in good faith by challenging through the Club Náutico Español de Vela.

 Desafío Español always believed that it complied with the terms dictated by the Deed of Gift, it consulted with renowned legal advisers and professionals, both national and international.

Justice Cahn's resolution changes the way the requirement of hosting an annual regatta has been traditionally interpreted.

Desafío Español wants to stress that from the beginning of the project, it always intended to achieve the maximum benefit for the sport of sailing, the Valencian Community and Spain.

The Spanish team now appeal to the common sense and the sportsmanship of the Defender and the Golden Gate Yacht Club to immediately find a compromise solution.

A continuation of this uncertainty affects the America's Cup and all parties involved. At the same time Desafío Español remains optimistic about enjoying another great sailing event, again, in Valencia.

Desafío Español will continue with the day to day activities until the future of the competition is defined.

Then, the team will make the decisions it considers most appropriate for its crew members, employees and sponsors.

Desafío Español continues to have the unconditional support of its sponsors.

The Desafío team is ready to adapt its plans to whichever date is set for the America's Cup and has the clear goal of improving on its performance in the 32nd America's Cup.