AC34 Finance News
San Francisco Controller: America’s Cup needs “significant additional fundraising”
The plan was to have $12 million raised a week ago to help cover the city’s costs for hosting the upcoming America’s Cup regatta.
It’s not quite there. Read more »
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 »
