SAN FRANCISCO (KCBS) – The America’s Cup Event Authority is done compromising over the terms of the agreement to bring the yacht race to San Francisco, CEO Stephen Barclay said Wednesday.
Barclay drew a line in the sand after the Board of Supervisors Budget Committee spent 90 minutes picking apart the terms of the host agreement reached without outgoing Mayor Gavin Newsom.
KCBS’ Barbara Taylor Reports:
“San Francisco was awarded the America’s Cup. It was awarded the America’s Cup on the basis of a deal,” Barclay said – asserting that there would be no more compromise.
“The event authority is not prepared to go any further. We brought the America’s Cup to San Francisco on the basis of a deal that was done, and we feel we’ve gone far enough.”
Barclay’s take it or leave it position did not deter Supervisor John Avalos.
“I want to make sure that we agree with today that we go in together with something that works for the best of both of us, and I don’t think we’re there yet,” he responded.
Avalos and Supervisor David Chiu continued to push for more favorable terms that would limit the city’s liability.
“What I hope we can do is really figure out how we can, I guess, share the risk,” Chiu said.
The budget committee also sought assurances the regatta would provide the revenue and other economic benefits that have been forecast. There have been concerns about the pace of private fund raising, development rights along the waterfront, and local hiring.
The full Board of Supervisors must decide whether the America’s Cup is worth the risk at a vote scheduled for Tuesday, Feb. 28.
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