November 28, 2014
SAN FRANCISCO (AP) - San Francisco's tab for hosting the America's Cup yacht race last year has doubled to $11.5 million.
The San Francisco Chronicle reports that initial cost reports did not include expenses for the Port of San Francisco, which has its own budget.
Of the $11.5 million, about $6 million came from the city's general fund. The rest came from the port's own budget, funded by rent revenue from its property, not taxes.
The event did not generate the revenue officials had hoped for.
Interest waned after many countries dropped out due to the enormous costs of the high-tech catamarans used in the race.
Larry Ellison's Oracle Team USA, which won the regatta, is looking at five locations including San Francisco, San Diego and Hawaii for the 2017 event.
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