The new-and-improved groundwork for hosting the America's Cup in San Francisco appears to take much less of a bite of city finances than the fabulously expensive, nonbinding “term sheet” the city approved in October.
Fred Brousseau, a principal at the city's Budget Analyst's office, said it appeared the alternative deal yesterday approved by the Port Commission would save San Francisco some dinero. But don't cut anchor and sail off into the sunset yet. He noted that the Budget Analyst hasn't yet crunched the numbers in the proposal to see if they're legit. And, most importantly, for the deal to become a reality, both the city — and yachting billionaire Larry Ellison's “Event Authority” — would have to alter the proposal currently floating through the city's legislative process.