Hashtag: #ACEconomy
Court Authorizes Seizure Of Team Oracle’s Boat
Marshals have been authorised to seize America’s Cup champion Oracle Team USA’s prototype boat in response to a lien filed by New Zealand sailor Joe Spooner, the Associated Press reports. The warrant was issued late Friday by the US District Court in San Francisco, and the boat hadn’t been seized as of mid-day Saturday, Oracle Team... Read more of this article
Bermuda Cup Venue Reduces Team NZ’s Budget
Bermuda being selected as the venue for the next America’s Cup had a “serious impact” on the New Zealand team’s finances and sponsorship funding, reducing the budget by some $20 million and each team member has “taken a significant pay cut” the team said. This came as the New Zealand team announced it had completed the... Read more of this article
Budget Extract: Costs For Hosting America’s Cup
By the end of the current 2014/15 fiscal year, Government will have spent $4.66 million on America’s Cup related expenses, and in the upcoming 2015/16 fiscal year, the Government will budget $11.7 million, Finance Minister Bob Richards said during Friday’s [Feb 20] Budget speech. Speaking on this year’s expenses, the Minister said, “By... Read more of this article
PAC Meeting On AC Funding: Summons, Letters
The Public Accounts Committee [PAC] held a meeting today [Feb 12] where they were due to hear testimony from Economic Development Permanent Secretary William Francis on the public funding for the America’s Cup, however Mr Francis did not attend the meeting, with the PAC Chairman saying that he was told that Mr Francis was unwell and working from home... Read more of this article
PAC To Deliberate On America’s Cup Funding
[Updated with location change] The Parliamentary Standing Committee on the Public Accounts will conduct a Public Hearing on Thursday, 12th February 2015 at 2:30p.m. in the Library at the House of Assembly. “It is expected that the Standing Committee will deliberate on matters relating to public funding for the America’s Cup, and hear testimony... Read more of this article
Portsmouth Predicts $187 Million Into Economy
The America’s Cup qualifiers which will be held in Portsmouth, UK are expected to attract some 160,000 spectators and pump more than £120m [$187 million] into the local economy, according to a report from the Portsmouth press. The report said, “As we start 2015, excitement is building to when the eyes of the world will be on the city as an... Read more of this article
New York Cup Announcement Trip: $5711.01
According to the latest listing on the Government’s travel webpage, the trip by Premier Michael Dunkley and his Public Affairs Officer to New York for the America’s Cup announcement cost $5711.01. Minister of Education and Economic Development Dr Grant Gibbons also attended the event, and his costs were listed separately as $628.90, bringing... Read more of this article
America’s Cup Bill: Vehicles, Exemptions & More
The America’s Cup legislation introduced in the House last Friday permits the America’s Cup Event Authority [ACEA] to import up to 80 motor vehicles up to limousine size and exempts ACEA from any fees payable under the Air Navigation Regulations 2012 in relation to helicopters and drones. The legislation was introduced in the last session of... Read more of this article
Dr Grant Gibbons Trip To New York Cost $628.90
According to the latest listing on the Government’s travel webpage, the trip by Minister of Education and Economic Development Dr Grant Gibbons to New York for the America’s Cup announcement cost $628.90 — which is the lowest cost listed for a trip since the webpage went live. Chart showing the total listings since the webpage went live... Read more of this article
Dr Gibbons: Financial Aspects Of America’s Cup
[Updated] Bermuda will benefit from additional on-island spending of approximately $250 million from hosting the America’s Cup, the capital costs for Government associated with site preparation are estimated to be about $14 million, and Bermuda’s initial bid included a commitment to spend $5 million per year over three years. This, and... Read more of this article
Opinion: 90% Of Pie, Must Go To 90% Of People
[Opinion column written by Jeremy Deacon] The dust has hardly settled on the news that Bermuda has done the unthinkable – landed one of the world’s grandest sporting spectaculars, the America’s Cup – yet people are already asking questions. It is an absolutely phenomenal result for Bermuda that will put it in the world’s headlights for years,... Read more of this article
ABIC: America’s Cup Will Stimulate Economy
The Association of Bermuda International companies [ABIC] congratulated the Bermuda Government after it was announced that Bermuda would be the host for the 2017 America’s Cup event. Mr. George Hutchings, Chairman of ABIC, commended the Government on their support of the America’s Cup event, adding “that this will invariably stimulate the... Read more of this article
