America's Cup Fundraising Efforts "Hit The Wall" At $14M To Cover Costs Of $31-34M
S.F. will host the America’s Cup in six months and fundraising efforts to cover the estimated $31-34M cost for "police, cleanup, transportation and other expenses have pretty much hit the wall" at $14M, according to Matier & Ross of the S.F. CHRONICLE. Originally pitched as “a competition between as many as 12 international teams, the race is now down to three entries.” The shrinking size of the event “has helped reduce costs, but it also substantially cut into corporate interest in sponsorships," which city officials thought would bring in $300M. S.F. Recreation & Park Commission President Mark Buell and his group have raised $9M from local donors and another $5M from the race organizers in the "form of a loan that may not have to be repaid.” But those sources are now “about tapped out.” Consequently, S.F. Mayor Ed Lee has “personally taken up the drive to raise money.” Lee is “enlisting help" from Sen. Dianne Feinstein (D-Calif.), U.S. Rep. Nancy Pelosi (D-Calif.) and S.F. Board of Supervisors President David Chiu (S.F. CHRONICLE, 2/10). S.F. Communications & Public Affairs Dir Christine Falvey yesterday said that Lee has “recently stepped up his own efforts to meet personally with chief executives of prominent companies based in San Francisco in an effort to meet the goals” (AP, 2/11).