Hosting America's Cup cost SF $11.5M

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 2/11 1:49 pm

SAN FRANCISCO (AP) — San Francisco's tab for hosting the America's Cup yacht race last year has doubled to $11.5 million.

The San Francisco Chronicle reports that initial cost reports did not include expenses for the Port of San Francisco, which has its own budget.

Of the $11.5 million, about $6 million came from the city's general fund. The rest came from the port's own budget, funded by rent revenue from its property, not taxes.

The event did not generate the revenue officials had hoped for.

Interest waned after many countries dropped out due to the enormous costs of the high-tech catamarans used in the race.

Larry Ellison's Oracle Team USA, which won the regatta, is looking at five locations including San Francisco, San Diego and Hawaii for the 2017 event.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

No comments yet!
NEWSCASTS ON DEMAND

What's On

All content © Copyright 2013 Intermountain West Communications Company. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.
You may also view our Sitemap

Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.