San Francisco will host the 34th America's Cup in 2013.
The city beat out Newport, R.I, and Italy in last-minute negotiations Friday, the deadline for a decision.
Billionaire Larry Ellison's BMW Oracle Racing team won the trophy back in February off the coast of Spain and got to select the host city for 2013.
"Our venue team and the City of San Francisco have come to terms with a program that should make this 34th edition of the Cup the most spectacular to date," Young said.
The international sailing competition could inject about $1.2 billion into the city's economy, generating an estimated 8,000 jobs.
There will be qualifying races around the world, with at least 43 days of racing in San Francisco. The final match will be held in September 2013.
Early on, San Francisco looked like the top option until the Board of Supervisors questioned weather it would be too finacially risky. So Mayor Gavin Newsom had to tweak his city's deal to prevent Newport, R.I. from stealing the opportunity.
Part of the agreement says some race venues will be constructed at piers along the city's waterfront.
Up to 2.6 million people are expected to visit San Francisco for the four-month race.
This "marks the beginning of an extraordinary new chapter for our city and for the sport of sailing," Newsom said in a release.