show ’em the money
The Board of Supervisors in San Francisco yesterday voted unanimously to approve a scaled-back version to host the America’s Cup in their city. The city will now have to pay US$22m more than it had anticipated to host the event, but says it will have a US$1bn economic impact for the area.
The America’s Cup Event Authority, which last week laid off about a quarter of its staff, had originally said it would fund US$111m for improvements to the city’s waterfront. Last month, it said it would not be able to meet those obligations. From IBI News. More here.