huffingtonpost.com: America’s Cup fundraising is hitting a snag, apparently – and the City of San Francisco, used to taxing and fining, may have to take the same approach with the America’s Cup as it does with people who overstay their turn at their parking meter. The America’s Cup committee is not bound to a specific fundraising target in that it will not suffer any contractual penalties if it fails to meet its goal:
[A]ccording to a report by released by City Controller Ben Rosenfield, the committee’s fundraising efforts so far have given his office little confidence that that the race’s backers will reach their goal unless the pace picks up considerably.
“Given the ACOC’s expenses and fundraising payout schedules, significant fundraising beyond those achieved to date will be required to honor the $32 million fundraising goals outlined in the Host Agreement over the coming three years,” wrote Rosenfield.
Read the entire article here.