It no longer just blew horns and flags, but the host had to create the infrastructure for competing teams and fans on land. But unlike the circus, which just needs somewhere free space for its tent, space is required by the water, and if available, it incurs significant costs that are difficult to pay for.
This was no longer the territory of yacht club management, but the type of government investment that must bring a return. Moreover, the defense attorney wants to be paid for the privilege.
When the Spanish port of Valencia was given the right to host the 2007 America’s Cup, the trend began as to how the event could be shopped. However, after Larry Ellison’s victory in 2010, it was assumed that the next America’s Cup would be held in San Francisco Bay.
Where else when you consider this was the home of his Golden Gate Yacht Club and the venue was considered the premier amphitheater for sailing? Except that people like Ellison wouldn’t become billionaires if they gave the milk away for free … he’d get San Francisco to buy the cow. He even brought other bidding cities with him to improve his position.
The city in Northern California was stuck with politicians knowing they would be slandered without closing a deal. And of course it got a bit dodgy, but the bean counters did their best to convince the community of how it would be worth the revenue from the event.
After the 2013 event, however, the math hit the floor with more beans than in the bucket, so San Francisco thanked you, but no, thanks for the 2017 edition, which got after San Diego knew when to step away from the table held in Bermuda.
Curious how San Francisco got it so wrong, a study recently published by the Economics Department of Providence College in Providence, Rhode Island. Titled “The Impact of the 34th America’s Cup on Taxable Sales in San Francisco Bay,” the 20-page paper contains some findings that could track the 2021 event for New Zealand, namely the lack of expected teams.
What was forecast for 2010 to generate 1.4 billion in total revenues, $ 24 million in additional tax revenue for the city of San Francisco, and 8,840 job creation soon waned. Just months before the race, the impact was revised down to $ 901.8 million in total revenues, $ 13 million in additional tax revenue and 6,481 new jobs created. Then, in December 2013, about three months after AC34, the total estimated impact was now $ 364.4 million (about 27% of the original forecast) and tax revenue rose to $ 5.8 million (about 24% of the original forecast) and an estimated 2,863 new jobs created (approximately 44% of the original estimate).
It turns out that if 15 teams are expected and you only get four, it has an impact on the math.
However, those numbers all came from an economic think tank as bullish as if Ellison was pouring drinks because when the city of San Francisco did its own calculations after the event, they added a net cost of $ 11.5 million to AC34 host. Worse still, their review failed to find any significant economic boost for San Francisco or the nearby Alameda or Marin counties.
Maybe that’s why people like Ellison are billionaires and cities like San Francisco are struggling.
While Scuttlebutt was able to review the study, and the information we share here was rewritten from the study, we weren’t allowed to share the actual study without paying a fee, which we didn’t want. However, if you happen to be bidding on a special event and want to see how you can’t do it, click here.
Details: www.americascup.com
36. America’s Cup
In addition to the challenges from Italy, the US and the UK accepted during the initial registration period (January 1 to June 30, 2018), eight additional challenge notices were received by the late registration deadline on November 30, 2018, with eight additional submissions, entries from Malta , the USA and the Netherlands were also accepted. Here is the list:
Defender:
• Emirates Team New Zealand (NZL)
Challenger:
• Luna Rossa (ITA) – Herausfordererin des Rekords
• American Magic (USA)
• INEOS Team UK (GBR)
• Malta Altus Challenge (MLT) – WITHDRAWN
• Stars + Stripes Team USA (USA)
• DutchSail (NED) – WITHDRAWN
Of the three late entries, only Stars + Stripes USA are still committed. However, it is unclear what entry payments were made, and no information is known to have actively built a boat or put together a sailing team.
Important America’s Cup dates:
✔ September 28, 2017: 36th America’s Cup protocol published
✔ November 30, 2017: AC75 class concepts published for key stakeholders
✔ January 1, 2018: Entries open for challengers
✔ March 31, 2018: AC75 class rule published
✔ June 30, 2018: Close entries for challengers
✔ August 31, 2018: Venue of the America’s Cup Match and the PRADA Cup confirmed
✔ August 31, 2018: Specific race track area confirmed
✔ November 30, 2018: Submission deadline
✔ March 31, 2019: Boot 1 can be started (DELAYED)
✔ 2nd half of 2019: 2 x America’s Cup World Series events (CALLED OFF)
✔ October 1, 2019: $ 1 million late entry deadline (NOT KNOWN)
✔ February 1, 2020: Boot 2 can be started (DELAYED)
✔ 23.-26. April 2020: Erstes (1/3) America’s Cup World Series-Event in Cagliari, Sardinien (CALLED OFF)
✔ 4.-7. Juni 2020: Zweites (2/3) America’s Cup World Series-Event in Portsmouth, England (CALLED OFF)
• 17.-20. December 2020: Third (3/3) America’s Cup World Series event in Auckland, New Zealand
• January 15 – February 22, 2021: The PRADA Cup Challenger Selection Series
• 6.-15. March 2021: The America’s Cup match
Youth America’s Cup competition
• February 18-23, 2021
• March 1st to 5th, 2021
• March 8-12, 2021
Start dates for AC75:
Start dates for AC75:
6. September 2019 – Emirates Team New Zealand (NZL), Boot 1
September 10, 2019 – American Magic (USA), boat 1; actual start date earlier but not published
2. Oktober 2019 – Luna Rossa (ITA), Boot 1
October 4, 2019 – INEOS Team UK (GBR), boat 1
16. Oktober 2020 – American Magic (USA), Boot 2
October 17, 2020 – INEOS Team UK (GBR), boat 2
20. Oktober 2020 – Luna Rossa (ITA), Boot 2
Details: www.americascup.com
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