Nationwide Assessing Earnhardt Jr. Sponsorship Danica Continues Sponsorships With Non-Profits Municipal Credit Union Signs With NFL Jets James, Carter Recount Turning Down Reebok FedEx Signs Multiyear NFL Extension Woods' Endorsement Deals Suffer From Layoff NFL Players Inc. Moves Ride-Share Deal To Lyft Marketplace Roundup Serena Williams Starring In New Intel Ad Allianz Out As PGA Tour Champions Event Sponsor
Upcoming Conferences and Events
May 31 - Jun 1
SBD/July 11, 2013/Marketing and Sponsorship
Louis Vuitton Wants $3M Refund From America's Cup In Wake Of Withdrawals
Published July 11, 2013
WANT MORE GREAT STORIES LIKE THIS?
CLICK ON ONE OF THESE BUTTONS
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).