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11:40 AM: Today’s the deadline for race organizers to announce who will host the America’s Cup yacht race: SF, or a reportedly unprepared Newport, Rhode Island.
As I write this (11:30) no announcement’s been made, by Oracle CEO Larry Ellison’s BMW Oracle Racing Team, which won the previous race and therefore get to pick the venue for this one. However, the Chron and Ex says unnamed sources tell them that SF has it in the bag.
The papers aren’t the only one with unnamed sources: ABC7 also quotes “a source close to the negotiations” as saying “(t)he City and the negotiating team from the Golden Gate Yacht Club continue to work closely during the holidays to iron out the details on the San Francisco bid,” and that Rhode Island, which was unable to commit to a bid, “has its own financial issues that might prove insurmountable even with more time to review its offer…”
It’s worth noting, though, that less than 2 weeks ago, the team’s lead negotiator, Stephen Barclay, also expressed misgivings about the financial terms of San Francisco’s proposal in a letter to city officials. Apparently, it’s hard for anyone to figure out how to pay for a fancy boat race, who knew?
Under the basic terms of San Francisco’s proposal, race venues would be constructed at several piers along the city’s northern waterfront. Ellison’s group would invest between $55 million and $80 million for repairs at the aging piers in return for long-term development rights there. The Board of Supes unanimously approved the plan December 14.
Mayor Newsom’s office has projected that the race could inject more than $1 billion into the local and regional economies, and add thousands of jobs.
5:15 PM: Looks like everyone’s sources were correct, as race organizers this afternoon announced that San Francisco’s been selected to host the 2013 America’s Cup yacht race.
In a statement, Mayor Gavin Newsom unsurprisingly applauded the decision:
“The selection of San Francisco today to host the 34th America’s Cup marks the beginning of an extraordinary new chapter for our City and for the sport of sailing. Together, San Francisco and the ORACLE Racing Team have seized a tremendous opportunity to showcase sailing in the magnificent amphitheater of San Francisco Bay, provide jobs and a more than $1 billion boost to our City’s economy and transform the America’s Cup experience.
The strength of San Francisco’s bid and the enormous benefits it will provide to the City and to the team are the result of months of hard work, negotiations and overwhelming support from throughout the City and State. San Francisco truly came together to support this bid, from the Board of Supervisors, Port of San Francisco and the City’s elected family to major business, labor and environmental and community leaders in the San Francisco America’s Cup Organizing Committee.
I want to thank Larry Ellison, the entire ORACLE Racing Team and the Golden Gate Yacht Club for their commitment to San Francisco as we begin this strong new partnership with the America’s Cup Event Authority. Today, San Francisco celebrates that the America’s Cup is coming to San Francisco Bay. We are ready to get to work right away in 2011 to deliver on this remarkable opportunity for the City and for the America’s Cup.”
If Gavin’s thoughts aren’t enough for you, here’s what SF Weekly, the Chron, and CBS5 have to say about the decision. I just know that if someone asks me why I’m getting so hammered tonight, I’m saying that the mayor told me to.
5:24 (Ari Burack,. Bay City News): San Francisco has been chosen to host the 2013 America’s Cup sailing race, the Golden Gate Yacht Club announced today.
Oracle CEO Larry Ellison’s BMW Oracle Racing Team won the last race in Spain in February on behalf of San Francisco’s Golden Gate Yacht Club and got to select the host city for the next race.
“It’s official. San Francisco will be the host for the 34th edition of the America’s Cup,” Golden Gate Yacht Club Commodore Marcus Young wrote in a letter today to club members.
“After a very detailed and exhaustive negotiation, our venue team and the City of San Francisco have come to terms with a program that should make the 34th edition of the Cup the most spectacular to date,” Young wrote.
Mayor Gavin Newsom’s office confirmed the deal.
The team was also reportedly considering bids from Newport, R.I., and Italy, but in the end, settled on San Francisco. Today was the team’s deadline for making a choice.
Newsom’s office has projected that bringing the race to San Francisco could inject more than $1 billion into the local and regional economies, and add thousands of jobs.
“The selection… marks the beginning of an extraordinary new chapter for our city and for the sport of sailing,” Newsom said in a statement.
He added that the city is ready to begin work right away to “deliver on this remarkable opportunity for the city and for the America’s Cup.”
City officials said the San Francisco Bay would provide an unparalleled viewing opportunity for the world-famous regatta.
After months of planning and negotiations, San Francisco approved its bid to the team earlier this month.
Under the terms of San Francisco’s proposal, race venues would be constructed at several piers along the city’s northern waterfront.
Ellison’s group would invest between $55 million and $80 million for repairs at the aging piers in return for long-term development rights there.
Some members of the Board of Supervisors had questioned whether the deal would put the city at financial risk, but ultimately gave it unanimous approval on Dec. 14.
The racing team’s lead negotiator had also expressed misgivings about the financial terms of the proposal earlier this month.
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