Spain has few truly global brands, and, until recently, its companies had little experience in corporate sponsorship of world class sporting events.

But Alinghi’s 2003 victory in Auckland changed all that. “From the moment it became obvious that the America’s Cup was coming to Europe, it was inconceivable that Spain wouldn’t mount a serious, well-financed challenge,” says Pedro Campos, Spain’s best-known yachtsman and syndicate-organiser. “When Valencia became the host city the question became one of not which Spanish company would help out, but which would dare to miss out.”