The numbers don’t lie, right?
From the SF Gate: Stalled efforts to bring in big donors could put San Francisco taxpayers on the hook for upward of $20 million for the America’s Cup.
With the 55 days of steroidal sailing just six months away, fundraising efforts to cover the estimated $31 million to $34 million cost for police, cleanup, transportation and other expenses have pretty much hit the wall at $14 million.
Originally pitched as a competition between as many as 12 international teams, the race is now down to three entries. The shrinking size of the event has helped reduce costs, but it also substantially cut into corporate interest in sponsorships, which city officials originally thought would bring in $300 million. Read on.