You could hear the relief in the latest press release from Stephen Barclay, CEO of America’s Cup Race Management . . . As he announced that they had set the record straight at the review of the America’s Cup prevailing wage and local hire obligations called by Supervisor Avalos (District 11, San Francisco). The America's Cup Race Management had met and in some cases, exceeded his expectations.
Barclay went on to report that new figures presented by the City highlighted it only needs about $2-million in further fundraising for direct revenues and costs from the event to be a wash. Against that backdrop, economists presented revised figures projecting the City will receive $900m and 6,500 jobs.
Data collected by the SF Chamber of Commerce in November and December 2012
And he concluded: In summary, a free event for San Francisco, hundreds of millions of dollars of cash injected into the San Francisco economy, along with thousands of jobs and it doesn’t cost the City a penny – what A Great Event for San Francisco!
Does this make any difference to the event - you remember that, the America's Cup. For the vast majority who will witness the racing, when it finally gets underway, via the Internet and TV, not a lot. Traditionally the teams have argued and battled for a competitive design edge in the run-up to the trials, but this time around apart from a couple of skirmishes, we have seen little head to head action.
All the confrontation has been around the venue and the political manoeuvring to come out on the right side if it all goes pear-shaped. The teams meanwhile just get on with the work-up and all look so similar (and boring) that little excitement has been generated. Almost nothing is published or debated on the designs. Problems hoisting the wing sails is about as exciting as it gets.
It seems that for all the talk of the multihulls taking the Cup to new levels of excitment, unless we get some real surprises in the Louis Vuitton series in July, this is looking like another very dull Cup.
19 March 2013 23:19