Larry Ellison Could Take His Cup and Sail East

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    NEWSLETTERS

    TK
    Getty Images
    VALENCIA, SPAIN - FEBRUARY 14: Larry Ellison, owner of US challenger BMW Oracle Racing giant trimaran celebrates on the podium after the second race of the 33rd America's Cup off Valencia's coast on February 14, 2010 in Valencia, Spain. (Photo by Manuel Queimadelos Alonso/Getty Images) *** Local Caption *** Larry Ellison

    While San Francisco is busy waiting to hear whether it will host the America's Cup, Larry Ellison may take his cup and head east.

    The City's Board of Supervisors approved a preliminary agreement to host the sailing competition. But the Oracle CEO and his racing team have given themselves until Dec. 31 to decide on a host city for the tournament.

    The Business Times reports that talks between cup organizers and Newport, Rhode Island have intesified this week. For months San Francisco was seen as the clear destination of choice for Ellison, who lives in the Bay Area, and who has been courted by Mayor Gavin Newsom for  months.

    While some have expressed concerns about the City giving up leasing rights to waterfront property, the City is still banking on the cup brining a cash-infusion into San Francisco in 2013.

    Further, San Francisco's bid was weakened because the Golden Gate Yacht Club has not accepted the board's approved plan to host the race, according to the Associated Press.