"Oracle Team USA owner Larry Ellison, one of the of the richest men in the world, apparently has gotten tired of plopping down $100 million here and $100 million there to pay the costs of not only defending the silver trophy, but staging the overall event.
Ellison has charged Coutts with coming up with a way to make the America's Cup pay for itself. It's expensive for participants and organizers alike.
Coutts took a first step by pulling the event from San Francisco, where, he said, it would cost some $38 million to stage the next regatta. The New Zealander was unhappy that San Francisco was unwilling to give cup organizers the same terms as last time, which included free use of piers and city services."
