America's Cup rules have been waived to allow Spanish syndicate El Reto to join the list of challengers.
El Reto will represent the Real Federacion Espaola de Vela, the Spanish Sailing Federation, rather than a yacht club.
Cup rules say teams must align themselves with a yacht club.
Alinghi, which took the cup from New Zealand last year, represents the Societe Nautique de Geneve, which accepted the Spanish challenge last Friday.
Another challenger, which has filed the necessary paperwork, will reveal its identity next month.
El Reto is a new team headed by Agustin Zulueta, a Spanish yacht-racing project manager.
"With the 32nd America's Cup taking place in Spain, all the elements are ready for us to mount a competitive Spanish challenge," he said.
"Our objectives now are to get structured with our team and main sponsor, to organise boats so that we will be ready to race competitively next June during the Valencia Louis Vuitton Acts, and to develop our long-term strategy for the Louis Vuitton Cup and 32nd America's Cup in 2007. We have a lot of work to do."
The inclusion of the Spanish team will come as a great relief to event organisers, who looked likely to be hosting an event in a country that did not have a team competing.
A Spanish newspaper has reported that some other challengers might protest against the club affiliation rule being disregarded.
El Reto - Spanish for "the challenge" - will be Spain's fourth bid for the Americas Cup. It was represented in the 1992, 1994 and 1999 series.
Yachting: Rules bend to give Spain a cup chance
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