San Francisco Landed America's Cup ... And Now We See Why

America's Cup Stamp-thumb-300x208.jpg
Sailing To A Sweeter Deal
The Examiner unravels some details of the "sweet" America's Cup deal that helped San Francisco land the sailing regatta. 

After much back-and-forth, San Francisco scaled back on its bid, essentially saving city taxpayers scores of millions of dollars. This left yachting billionaire Larry Ellison with no other choice but to abort his threat to take the next America's Cup race to Rhode Island and come back to the Bay. 

And now we can see why.

According to the Examiner, the deal keeps San Francisco from getting any revenues from future condo sales on the site. It also puts the burden on San Francisco to do away with any legal restrictions so that the Ellison-controlled "event authorities" can outright own Seawall Lot 330, as opposed to just leasing it.  


The Board of Supervisors had signed off on a term sheet back in December that allowed Mayor Gavin Newsom to keep negotiating with America's Cup with the caveat that whatever the deal was, it wouldn't mean city taxpayers would have to spend more money. 

But that approval didn't do anything to protect the city from losing out on potential income.

And losing out on money is just as bad as spending money. 

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4 comments
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MrEricSir
MrEricSir

Surprise! Rich people win again at everyone else's expense. Time for a revolution?

Drewcab415
Drewcab415

It's to bad SF pushed out local gun shops, leaving Daly City & South SF to pick up the slack.

sfsoma
sfsoma

Well, Gavvy is just punking everyone these days, isn't he?

Drewcab415
Drewcab415

Yo Dawg! I heard you like gell in your hair!

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