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Wednesday, January 5, 2011

San Francisco Landed America's Cup ... And Now We See Why

Posted By on Wed, Jan 5, 2011 at 9:24 AM

click to enlarge Sailing To A Sweeter Deal
  • Sailing To A Sweeter Deal

The Examiner unravels some details of the "sweet" America's Cup deal that helped San Francisco land the sailing regatta. 


After much back-and-forth, San Francisco scaled back on its bid, essentially saving city taxpayers scores of millions of dollars. This left yachting billionaire Larry Ellison with no other choice but to abort his threat to take the next America's Cup race to Rhode Island and come back to the Bay. 

And now we can see why.

According to the Examiner, the deal keeps San Francisco from getting any revenues from future condo sales on the site. It also puts the burden on San Francisco to do away with any legal restrictions so that the Ellison-controlled "event authorities" can outright own Seawall Lot 330, as opposed to just leasing it.  



The Board of Supervisors had signed off on a term sheet back in December that allowed Mayor Gavin Newsom to keep negotiating with America's Cup with the caveat that whatever the deal was, it wouldn't mean city taxpayers would have to spend more money. 

But that approval didn't do anything to protect the city from losing out on potential income.

And losing out on money is just as bad as spending money. 

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About The Author

Erin Sherbert

Erin Sherbert

Bio:
Erin Sherbert has been Online News Editor for SF Weekly since 2010. She's a Texas native and has a closet full of cowboy boots to prove it.

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