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downsizing

ac dope

downsizing

Another sign that the upcoming AC is not going well (and a way to avoid litigation)…

Organizers of sailing’s most prestigious event said Monday they are dramatically scaling back plans to renovate San Francisco’s dilapidated waterfront. Mayor Ed Lee made the announcement during a news conference at San Francisco’s Pier 80, where software mogul Larry Ellison is building his space-age catamaran to defend the America’s Cup trophy he won in 2010 off the coast of SpainEllison picked the San Francisco Bay as the location of the 34th race for the America’s Cup, scheduled for September 2013.

After weeks of increasing tensions between the Board of Supervisors and Ellison’s representatives over planning for the event, an agreement was reached over the weekend to scrap plans to turn the little-used piers 30 and 32 near San Francisco’s downtown into the America’s Cup publicly accessible "pit row" that would house racing teams challenging for the trophy. The plan was for Ellison’s race team to spend $55 million on the piers in exchange for rent-free use of them for 66 years and title to a city-owned lot nearby. Read on.