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Taxpayers May Be On The Hook For America’s Cup Financing

With efforts to raise the $30-million-plus necessary to put on the 2013 America’s Cup in the Marina stalled at just $14 million, taxpayers may end up having to foot the bill. Originally there were supposed to be as many as 12 international teams, but the race is now down to just three, which has many corporate sponsors backing away.

The Recreation and Park Commission has raised about $9 million privately, and Mayor Ed Lee is looking to Sen. Dianne Feinstein, House Democratic leader Nancy Pelosi, and the Board of Supervisors for help, but raising money for a sailing competition put on by Larry Ellison, who ranks third on last year’s Forbes 400 list of richest Americans with an estimated worth of $41 billion, is a tough sell. No doubt some locals think it would be pretty absurd that San Francisco taxpayers have to pick up the tab for Ellison, who in 2012 alone took in an additional $8 billion, thanks to a rise in Oracle’s stock price.

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