2013 was the first time San Francisco hosted the world's most prestigious sailing event -- the 34th America's Cup. The winner gets to choose the location for the next race and Mayor Ed Lee is hoping Larry Ellison will once again go with the City by the Bay. "We will do better," he said. Lee says this time, negotiations won't include controversial land development rights for Ellison.
And former San Francisco Supervisor Aaron Peskin, who with a number of others, sued over aspects of the race, hopes any new deal won't cost taxpayer's money. "There is no reason that the people of San Francisco, who need to pave the streets and pay for the cops, should be subsidizing the hobby of Larry Ellison. If he pays his own way, bring it back," he told ABC7 News.
For this year's America's Cup, the city promised to raise $22 million to help offset costs but so far, has raised less than half. However, the Bay Area Council's Economic Institute believes there was a big enough payoff overall to justify hosting the race again.
"Judging by our analysis, we would absolutely say yes. There was at least $364 million in economic activity going on along the waterfront and in different parts of the city that would not have been there otherwise," Tracey Grose said.
Critics call that estimate "rosy." Lee will now have to sell the people of San Francisco and Larry Ellison on bringing the Cup back to the Bay. "We suffered a lot from the lack of experience and confidence about what this event could do for us. Now, we have that experience and we will do better on all fronts," Lee said.
The 35th America's Cup is expected to take place in 2017.
