Larry Ellison’s map to stage the America’s Cup in San Francisco has a price: the Oracle Corp. chief decision-making officer wants control of harbor real estate rent-free in exchange for bringing the competition to the city.
The billionaire’s marine group is offering to finance and function the race in San Francisco in 2013 for rights to piers and parking lots near the Giants baseball sports ground and Google Inc.’s offices, according to a future conformity with the city. The plan calls for an event authority chosen by Ellison’s BMW/Oracle Racing to hand over $150 million for land improvement and raise $270 million in private funds to run the regatta.
The suggestion, which would give the authority right of entry to the land for as long as 75 years, would help revitalize an area of San Francisco that few investors have been willing to build up, said Jennifer Matz, development manager for Mayor Gavin Newsom. Critics including city Supervisor Chris Daly say it represents a bargain of public funds.
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