Bermuda's total financial commitment to the America's Cup is "likely to come in significantly below" the $77M "envisaged three years ago," the latest projections revealed, according to Jonathan Bell of the ROYAL GAZETTE. In particular, the Bermuda government's $25M guarantee against commercial sponsorship is "expected to stand" at $15M when the final tally is calculated. Figures provided by Bermuda Minster of Economic Development Grant Gibbons detailed "the finances underpinning the event" -- and the building of Cross Island is not included. The land reclamation project was proposed in '09, but got "accelerated" once the island secured hosting the races. America’s Cup spending, from '14 through March 31 of this year, was projected at $39.6M in the latest budget book, which the minister said consisted of:
- $23.7M on capital infrastructure spending by America's Cup Bermuda (ACBDA), "such as work on the South Basin dock and other Dockyard facilities."
- $15.9M for "current account or operational spending" over the last three years -- including $10M of the $15M in sponsorship payments to the America's Cup Event Authority, "which must be spent in Bermuda under the agreement."
Current expenditure for '17-18 is projected at $27.56M, and capital spending at $1.29M (
ROYAL GAZETTE, 5/30).
