Louisville, Adidas Ink Five-Year Extension James, Heat Top NBA Jersey Sales Raptors Merch Moving Quickly Crosby Reclaims Top-Selling NHL Jersey Bacardi Sponsors New NBA Lifestyle Site Nike, USATF Sign 23-Year Extension Illinois Athletics, Nike Unveil New Look Harper Stars In New Gatorade Ad Marketplace Roundup Foot Locker Ad Puts Lillard In Spotlight
Upcoming Conferences and Events
SBD/July 11, 2013/Marketing and Sponsorship
Louis Vuitton Wants $3M Refund From America's Cup In Wake Of Withdrawals
Published July 11, 2013
CITY ON THE HOOK? In S.F., Matier & Ross note the city could "be on the hook" for at least $8M million in losses from hosting America's Cup. Mayor Ed Lee was asked about the "private fundraising meant to defray the city's costs for hosting the event." He responded, "It's a challenge -- I have to admit it." It "hasn't helped that the Italian entry sat out the first race of the preliminary competition in a protest over safety rules -- leaving New Zealand's entry as the lone boat racing in the opening round." Private fundraising even before the "latest PR snafu" had "fallen well short" of the $22M pledged by the city. The Mayor's OneSF Committee since taking over the stalled fundraising has "raised about $600,000." However, half of that "went to race organizers and doesn't count against the city's pledged contribution." Lee's office said that if the fundraising "comes up short, the city will probably make up its losses from the extra hotel and other tax revenue generated from hosting the races" (S.F. CHRONICLE, 7/11).