#AmericasCup - Though the official announcement is still a week away, speculation is growing that Bermuda will be chosen as host for the 2017 America's Cup.

But as Stuff.co.nz reports, the rumour comes as a major blow to San Diego's hopes of welcoming the event.

It seems the issue is simply down to the matter of money, with a tourism chief from the Southern Californian city quoted as saying that "when it came down to it, Bermuda was the destination Larry [Ellison] needed to choose."

Ellison - head of software giant Oracle - was the backer of the current cup holders Oracle Team USA, which won in spectacular fashion last year.

And the financial incentives of hosting the event in the Caribbean tax haven are hard to ignore, even in spite of San Diego's storied legacy in sailing.

Stuff.co.nz has more on the story HERE.