AC34 Finance News
America’s Cup hits choppy patch
America’s Cup yacht race officials have successfully navigated complex city approvals in recent months, but financial wrangling over the details of the regatta could take the wind out of their sails.
What once appeared to be a lovefest over the planned series of events is now entering a phase of touchy negotiation. Read more »
Alamedan Weighs In At San Francisco Board of Supervisors Meeting
Alameda AC34 committee member John Platt weighed in at the San Francisco Board of Supervisors meeting on January 24, 2012. Platt was one of many pro-America's Cup speakers urging the Board to approve the Environmental Impact Report (EIR) so construction and other planning projects can move forward. The EIR was approved but not without some caveats. Read more »
America's Cup Reaches Fundraising Benchmark, Gets Served With New Sierra Club Appeal
It's 2012 -- the year of the America's Cup -- and things couldn't be more exciting in the race to the regatta.
According to the San Francisco Chronicle, America's Cup Organizing Committee has secured the first fundraising goal of $12 million -- a crucial benchmark and a big step in making the race a reality.
But, as to be expected with a $300 million city project, the fundraising goal also brings with it a fresh wave of controversy. Although the $12 million benchmark was met, an undisclosed amount of the funds came from the Event Authority (the marketing sponsorship branch) instead of private donors, as expected. Though some see the Committee's decision to tap sponsors as getting creative, others are concerned about whether the Committee is being realistic about its fundraising goals. Read more »
America's Cup fundraisers reach their goal
As San Francisco enters the year of the America's Cup, race organizers say they've secured the $12 million needed to clear the city's first crucial fundraising benchmark.
But some of that money came from an unconventional source - an agency within the America's Cup.
To cover the city's costs for the regatta, the America's Cup Organizing Committee, a newly formed team of local entrepreneurs and philanthropists, pledged to raise $32 million over three years. Read more »
America’s Cup mum on how it will cover city costs
Facing fundraising deadlines soon, America’s Cup race organizers are tight-lipped on how much they have in hand to cover The City’s $32 million portion of the total $300 million event cost.
The America’s Cup Organizing Committee — the nonprofit fundraising wing of the event — is responsible for bringing in $12 million from donors by the end of the environmental review process of the race plans, which is expected to be completed by early next year. After that, the committee is seeking to raise an additional $20 million over the next two years before the 2013 main event in San Francisco. Read more »
