SAN FRANCISCO, Jan. 1 (UPI) -- San Francisco officials say they expect the 2013 America's Cup regatta to fill the city's economic sails by more than $1 billion.
San Francisco was named the host city for the next America's Cup over Italy and Newport, R.I..
Mayor Gavin Newsome said the announcement marked "the beginning of an extraordinary chapter for our city and the sport of sailing."
The San Francisco Chronicle said Saturday the 2013 races would pit multihull boats designed for both light and strong winds.
The cup is currently held by Larry Ellison's Oracle Racing, which is sponsored by the San Francisco Yacht Club. Oracle won the historic trophy in Spain last winter and with it the right to name the venue for its defense.