Bermuda is investing a considerable sum in the staging of the 35th America's Cup. The figures published in the New Zealand magazine "stuff.co.nz" were compiled by Bermuda's Economic Development Minister Grant Gibbons for the House of Representatives of the British Overseas Territory, which is largely autonomously governed. According to the figures, the America's Cup adventure is expected to cost Bermuda a total of around 62.3 million euros.
In detail, the sum is made up of the following shares: The America's Cup Event Authority (ACEA) receives 12.14 million euros for the hosting rights. 20.23 million euros are to be deposited with the ACEA as security to cover possible sponsor losses. 11.33 million euros are to flow into the infrastructure and the construction and expansion of the regatta city. The operation of the regatta city will cost around 8.9 million euros. A further 9.7 million euros have been budgeted for transport costs, security measures, emergency services and legal matters.
At the same time, Gibbons emphasised that Bermuda "as host could make a profit of around 202.4 million euros". Around 11.33 million euros are to be collected through taxes and duties. As a basis for this initial financial overview, Gibbons said that Bermuda had consulted existing studies on the economic impact and results of the America's Cup of previous hosts such as San Francisco, Valencia and Auckland.
Tatjana Pokorny
Sports reporter
