The problems surrounding the America's Cup races off San Francisco this summer, continue to cause concerns for the host city. San Francisco has pledged to spend around $30 million on the races, which start in July, but it is looking as if the city could end up with a $20 million bill, as private donors are not stumping up for the short-fall as expected.
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The city initially expected as much as $1 billion to be spent in local businesses and services, but those estimates have been downsized as the America's Cup challengers has been reduced to just three teams. This has led to less money being raised as expectations of the spin-off have dropped. In the highly politically charged city, some local politicians are calling for an investigation and for looking at the possibility of the city being reimbursed for a portion of the amount not raised.
Mark Buell, who is chair of the fundraising committee, told the San Francisco Chronicle that hosting the America's Cup will still benefit San Francisco economically even if the city breaks its promise about refraining from using public money to pay for the event. "Between the money that will come in from tourists and the crowds and the sales taxes it will generate," Buell said, "I still think that, no matter what, it will come out a boon for the city."
13 February 2013 12:41