Fundraising to pay for the upcoming America’s Cup is behind schedule.
The plan was to have $12 million in cash last week to help cover San Francisco's costs in hosting the renowned sailing race.
According to SF Gate, while the committee does have written pledges or agreements totaling that amount, they have only collected $800,000 of that money. The rest of the money is promised from wealthy donors.
The committee needs to kick efforts into high gear to meet the target of $32 million over three years outlined in the initial December 2010 deal between the city, the then-newly formed organizing committee and the event authority.
Exhibition races are scheduled to kick off in August, followed by the finals in September 2013.