What once appeared to be a lovefest over the planned series of events is now entering a phase of touchy negotiation. San Francisco can now terminate the America's Cup agreement. While that's not likely to happen, the America's Cup Organizing Committee was to have paid the city $12M this week, an amount they have "commitments" for- but not cash on hand- to defray costs connected to the race, part of a $32M pledge that got the agreement approved late last year. Even more exciting are negotiations over the next few weeks on final terms for development rights the America's Cup Event Authority will get in exchange for the billions of dollars the city will reap in revenues if enough spectators show up. [SF Examiner]
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