["Larry Ellison on the Joystick, America's Cup 2010" Photo Credit: Richard Gladewell, Sail World]
A new America's Cup agreement will be presented to the Board of Supervisors today as the ACEA (America's Cup Event Authority) exits the real estate business. In what sounds like an incipient case of sour grapes, ACEA director Steven Barclay said in a press release yesterday:
While we support the deal submitted to the Board, it is not what we had anticipated or planned for?the absence of these provisions will have a negative impact on the financial outcome of the event. While far from ideal, we’re just pleased to be done so we can move away from deal points and start focusing on the races?With the ACEA committed to changing the America's Cup into a spectator sport on enclosed bodies of water instead of the high seas, it's not unlike building a new stadium- not every NFL/MLB owner gets the deal he wants, and where "tackle" means something else entirely.
Although details of the new race agreement have not been released, Ports is expected to spend about $18M to complete various waterfront fixes around town, including an estimated $7M to minimally repair Piers 30/32 in time for the race. Instead of development rights and long-term leases, the ACEA will lease event venues during the races and 30/32 will revert to being one of the worlds most beautiful parking lots. Near the ballpark, it's estimated to reap $1M a year for Ports, and the overhaul will extend its structural life another twenty years. Today the BOS is scheduled to vote to approve almost $5M for the new cruise terminal- site of the 2013 temporary Race Village and a project bundled into both the A-Cup EIR and their real estate deal- including $1.8M re-appropriated from a c.2010 Ports bond issue to replace funds the ACEA's no longer providing. We'll have more information after the BOS meeting today- they're expected to vote on the agreement March 27, and then it's just down to the pending lawsuits.
· 34th America's Cup Race Coverage [Curbed SF Archives]