America's Cup Owes SF $12 Million

America's Cup organizers still owe San Francisco some money -- $12 million, in fact.

By Chris Roberts
|  Thursday, Feb 2, 2012  |  Updated 1:40 PM PDT
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America's Cup Sets Sail in San Diego

The ships are coming in -- but is the money coming with them?

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America's Cup organizing officials have sailed through the tricky straits of San Francisco land use approvals over the past few months, but smooth sailing isn't quite yet dead ahead.

The non-profit organizing committee still owes the City $12 million, with another $20 million due over the next two years, the San Francisco Examiner reported.

The America's Cup Organizing Committee has "commitments" for that $12 million, but not necessarily cash on hand, according to Kyri McClellan, the group's executive director.

In addition to failing to attract spectators to preliminary races in San Diego late last year, race organizers have also had a tough time attracting teams to the San Francisco races, scheduled to begin in 2013. Only three teams have confirmed that they'll compete for the right to race Oracle CEO Larry Ellison's Oracle Racing team, despite organizers dropping the entry fee from $1.3 million to $100,000.

As many as five other teams have expressed interest, however, noted event spokeswoman Stephanie Martin. Fees are due in June.

Broadcast rights for the main San Francisco race have been sold to a major television network, Martin told the newspaper. She would not say which network or the price, however.

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