SF taxpayers could be stuck with America's Cup bill

February 10, 2013 1:55:31 PM PST
San Francisco taxpayers could wind up holding the bag for millions of dollars to host the upcoming America's Cup.

According to the San Francisco Chronicle, fundraising efforts to cover an estimated $34 million in police, cleanup and transportation costs are falling short.

So far, just $14 million have been raised for the event which is just six months away. That means taxpayers could be saddled with the remaining $20 million.

The event was originally supposed to bring in $300 million to the city.

But it has been downsized from 12 international teams to just three, and that has dried up corporate sponsorship for the event.