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Sega of America announced it will host a Virtua Fighter 5 Final Showdown Tournament later this year. With Alex Valle and Level|Up as partners, the 2014 Sega Cup will be at the Super Arcade in Walnut, CA, on April 26, 2014. The PS3 version of the game will be used for the tourney.
There is no info yet on how to participate in the SegaCup but will be announced later. Fans can keep checking http://sega.com/segacup for more info.
[Source]: Sega of America.