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Monday, 11 February 2013

America's Cup Could Cost San Francisco's Taxpayers

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#AmericasCup - The America's Cup could cost the city of San Francisco up to $20 million, according to Phillip Matier and Andrew Ross in the San Francisco Chronicle.

The columnists reckon that fundraising efforts to raise the close to $34 million needed to cover the event's expenses "have pretty much hit the wall at $14 million" - leaving an already cash-strapped city to potentially pick up the shortfall.

San Francisco's fundraising issues have echoes of Galway's hosting of the Volvo Ocean Race last year - an event that was a rousing success itself, but one that left race organisers in debt by nearly half a million euro.

Afloat.ie's own WM Nixon wrote at the weekend that "it's time for a reality check" for San Francisco with some notes to go before the first yachts race in the bay.

While he believes that the event will be a sell-out, "it's not a question of whether or not the tickets sell out. Rather, it's a matte roof how quickly, and to whom, and for how much."

 

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