Report: America's Cup may cost taxpayers

SAN FRANCISCO, Feb. 10 (UPI) -- A report from San Francisco officials found taxpayers could pay up to $21.7 million for the America's Cup if fundraising goals aren't met.

The report, by the board of supervisors' budget analyst, Harvey Rose, said taxpayers will be footing the bill for much of the event if the $32 million three-year fundraising goal is not met, the San Francisco Chronicle reported Friday.

Philanthropist Mark Buell, who heads the fundraising committee, said he expects to meet the fundraising goal with donations from philanthropists, including venture capitalist Tom Perkins and San Francisco Ballet Trustee Lucy Jewett.

"I'm always concerned when everyone jumps to the negative side of the story and highlights it," Buell said. "In the big picture, here's the deal: We're going to raise the money needed, and we're going to have a cash flow that's timely to the meet the city's needs to spend that money."

Rose said the $8 million Buell says has already already been raised is only in pledges and not actual cash.

Rose projected that taxpayers could face a tab of up to $21.7 million if fundraising goals are not met.

"I deal in hard numbers," Rose said Thursday. "We don't have this money. In fact, we don't have the $8 million that we've given him credit for ... You can buy a lot of stuff with hard cash but not with pledges."

The America's Cup is scheduled for next year off San Francisco.