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America's Cup holders Alinghi have given up trying to stage next February's race against challengers BMW Oracle outside Spain and have accepted Valencia as the venue.
Alinghi, who sail under the colours of Societé Nautique de Geneve (SNG), first wanted to hold the race at Ras Al Khaimah in the United Arab Emirates.
But this was rejected by a New York court, which said it had to be held in Valencia or the southern hemisphere.
SNG then offered Australia as an alternative before finally agreeing to Valencia, as requested by BMW Oracle, which sails under the Golden Gate Yacht Club (GGYC) colours.
The two sides have been locked in a legal dispute for more than two years over the terms of the race.
"The America's Cup Defender, Societé Nautique de Geneve (SNG), has confirmed that it will conduct a Deed of Gift Match with GGYC in February 2010 in Valencia, which is the date and venue repeatedly requested by GGYC and previously ordered by the court," SNG said in a statement.
"SNG has also expressed its intention to publish the 33rd America's Cup Notice of Race with immediate effect.
"While SNG confirms Valencia as the venue for the 33rd America's Cup in February 2010, the offer to GGYC of an Australian venue for the same date remains on the table until November 13, 2009, provided GGYC agrees to withdraw all legal actions."