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
The City wants to host the next America's Cup racing tournament but first San Francisco officials will have to approve a series of measures regarding any agreement to host one of the biggest international boating races.
The Oracle CEO gets to choose where the next tournament will be held since his racing team won the last tournament. Mayor Gavin Newsom has been working for months to convince Ellison to choose San Francisco and a deal looks like it could happen.
But the shrewd businessman is making some demands to give San Francisco the cup. In exchange for financing and operating the race in 2013, Ellison wants control of waterfront real estate rent free and he wants rights to pier and parking lots near AT&T Park.
On Wednesday, the City's Budget and Finance Committee will decide on a resolution approving an agreement between San Francisco and cup organizers.
If the committee approves the contract, it would go before the full board for a vote early next week.