|Sailing To A Sweeter Deal|
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.
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.