The billionaire founder of Oracle is sponsoring the cup finals here in September.
Fundraising efforts have lagged and participation from international teams has not met projections.
Former Supervisor Aaron Peskin says the city should not be liable for the $10-20 million deficit.
"He promised this was a race that was going to raise $1.4 billion in the economy and provide thousands of jobs," Peskin said. "That has turned out not to be the case. San Francisco tax payers are getting left holding the bill."
Peskin is lobbying Ellison through an online petition drive at Causes.com.