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by Craig Leweck, Scuttlebutt Sailing News
After the Kiwi government did not meet the asking price of Team New Zealand for hosting the next America’s Cup, the defender is now shopping the event offshore to find a venue that considers the benefit worth the investment.
With the heightened expectations now for the host, which has included significant infrastructure costs and hosting fee, it has been gamble by governments which has rarely paid off. Perhaps Bermuda came out okay in 2017 but nobody else has since 2007.
While one would think past history would help future bidders, the needed data is either likely not available, or based on estimations of future participation that fall short.
The closest comparison might be the Olympic Games which are scheduled every two years, alternating between summer and winter sports, and rarely returning to the same city. Host venues invest massive amounts of money to gain benefit, much like any city which bids on the next America’s Cup.
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