America’s Cup Legislation To Be Introduced
During this morning’s [Nov 7] Throne Speech, the Government said that they will introduce legislation in this session to establish an America’s Cup Act, legislation that will be required for an America’s Cup World Series Racing Event in 2015.
Bermuda — along with San Diego — remains one of two contenders for the final stages of the America’s Cup in 2017, and the organisers have already confirmed that regardless of the outcome of that decision, the America’s Cup World Series will be coming to Bermuda in October of 2015, with racing to take place in the Great Sound.
The relevant portion of the Throne Speech said, “Bermuda’s pursuit of the America’s Cup is another example of the Government working to achieve economic growth and job creation.
“To that end, the Government will introduce legislation in this session to establish an America’s Cup Act — legislation that will be required for an America’s Cup World Series Racing Event in 2015, and, if Bermuda is ultimately selected, to host the America’s Cup Finals in June 2017.
“In the event Bermuda has the privilege of hosting the Cup Finals, experience from former host venues indicates it will have a powerful impact on our economy over the next three years, attracting worldwide attention and generating jobs, investment and revenue across multiple sectors including, hospitality, construction, transport, security, retail, wholesale, real estate and telecommunications.
“It will highlight Bermuda’s heritage as a maritime sailing destination and give our tourism product unprecedented exposure.
“Hosting an event of this magnitude on Bermuda’s shores will require teamwork, support and participation from all spheres of our community and a continuation of the spirit and dedication of the team of private sector volunteers, civil servants and other professionals who have worked tirelessly together to advance Bermuda’s bid into the final two.
“The America’s Cup Event Authority is expected to make a decision between Bermuda and San Diego before the end of the year. Regardless of the final decision, Bermuda will benefit considerably by hosting the World Series Event in 2015.”
View our live blog covering the Throne Speech here, all our 2014 Throne Speech coverage here, and all our coverage of Bermuda’s bid for the America’s Cup here.
Sorry but would America’s Cup legislation look like? You must have a sailboat to enter?
LOL, so you think the government of BDA Is going to decide the rules of the Americas Cup? No wonder Bermuda is in the situation we find ourselves in!!
The AC Act will set up all the logistics for us to host this event. Just read:
“In the event Bermuda has the privilege of hosting the Cup Finals, experience from former host venues indicates it will have a powerful impact on our economy over the next three years, attracting worldwide attention and generating jobs, investment and revenue across multiple sectors including, hospitality, construction, transport, security, retail, wholesale, real estate and telecommunications.”
I’m sorry – but BDA cannot “match” a city like San Diego – in anything!!
They even have a better climate “year round”!! Have been there 5/6 times over many yrs!!
The “reality” of the situation is overwhelming!!
San Diego water is cold, Bermuda is much more beautiful. Airline charters with reasonable rates can be arranged. It will be an incredible event for spectators and participants.
WTF do we need legislation for….you really want to drive these people away ???
These events are not just thrown together, there are a lot of implications for an event of this magnitude .
What will drive the people away is if they are trying to set some parameters for the course or other infrastructure issues and someone objects that is well within the law, it will not be able to be done.
Legislation actually helps to smooth he way.
The PLP want boldness for heaven’s sake! You know, Beyonce kind of bold! LOL
Counting chickens before they are hatched !
The fish is not in the boat !
Rather than tell the world how much money you hope to make, how about telling the world what we have to offer !
You have to give to get !
You have NOT been awarded the “cup venue” yet…. San Diego put-out a very convincing video earlier this week – to lay their claim to the Cup’s venue!!! How will BDA respond??
They have the “logistics” as well as a very sound & tried “infrastructure” to hold these sail races without any problems!! They have successfully done-it-all before… Can BDA match that video??
I think they (BDA) will be lacking!! I’m sorry – but it is what it is!!
I am getting sick and tired of the PR hype.
An America’s Cup Act?
You write into law precisely what you intend to write off as ‘tax free’?
Tax free for yachtsmen who can afford multi-million dollar yachts?
Tax free to an international sports event that is three times the size of our education budget?
So you write into law to extend Bermuda’s deficit without any guarantees that a profit will be made?
Yes, a select few will make millions, but why are we playing Russian roulette with the public purse to make a select few overnight millionaires?
I think this bidding for this event is what you call bold thinking. Are you saying we would be better off not bothering? This would be a major boost to the economy and create many jobs off setting the outlay by government considerably.
@Inna…
That is a PR blitz, not logistics, not legal principles and certainly not laws.
But we can/will write into law ‘tax free’ concessions or what is otherwise known as ‘corporate welfare’.
Tax free concessions/corporate welfare for an event that is one of the wealthiest sports’ events in HISTORY.
Note, the event makes a profit for America’s Cup (the brand) – that will surely be written into the contract. But there is NO guarantee that that will translate into a profit to the public purse.
Many Bermudians can and/or possibly will make money, BUT that does NOT mean that the public purse will make a profit – there is NO guarantee here.
So, if no profit to the public purse, and if there is a shortfall to the public purse the Bermuda taxpayers ends up footing – an already unsustainable deficit (according to the trumpets of the OBA).
Who else will pay that bill, but the Bermudian taxpayers? Certainly not these millionaire yachtsmen who will have the pleasure of racing their multi million dollar yachts in Bermuda waters.
We once made the mistake of thinking that selling off the Bank of Bermuda Limited was a good thing, but we have not even been consulted by this Government even though this unprecedented event has ‘public interest’ legal principles.
We are being led by this tune akin to piped-piper.
Bermudians need to stop sitting on the wall and speak up.
The AC Act needs to provide concessions for international persons working on this (work permit issues), provide for international sponsors, hoteliers and providers (hopefully hire car companies) to operate here. And hopefully laws that ensure the public transport workers don’t go on a wild cat strike to celebrate….
We can’t afford to mess this up and get greedy showcasing everything that holds us back from competing. Would be nice to see some non-profiteering legislation!