SAN FRANCISCO (KCBS) — Newly released figures on Monday revealed that the City Of San Francisco lost $11.5 million hosting the 34th America’s Cup—double what was previously estimated.
Initial figures released last December stated the event cost the city’s taxpayers about $5.5 million but that did not include expenses for the Port of San Francisco, which has its own budget funded by rent revenue from its property—not taxes.
[cbs-audio url=”http://www.podtrac.com/pts/redirect.mp3/nyc.podcast.play.it/media/d0/d0/d1/d4/dN/dL/dL/14NLL_3.MP3″ size=”” download=”” name=”America’s Cup Cost SF Double Than Previously Estimated” artist=”KCBS’ Chris Filippi Reports”]
The latest analysis was requested by Supervisor John Avalos.
“The event authority for the America’s Cup has not really tried very hard to maximize the benefits of the city. Certainly they’ve been trying to maximize the benefit to themselves.”
The report by the Board of Supervisors budget and legislative analyst comes as Mayor Ed Lee and Oracle Team USA have been negotiating over whether San…
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