{"id":3077,"date":"2012-03-23T17:13:14","date_gmt":"2012-03-23T22:13:14","guid":{"rendered":"http:\/\/stephenlirakis.com\/?p=3077"},"modified":"2012-03-23T17:13:14","modified_gmt":"2012-03-23T22:13:14","slug":"expenses-match-revenue","status":"publish","type":"post","link":"https:\/\/stephenlirakis.com\/?p=3077","title":{"rendered":"“EXPENSES SHOULD MATCH REVENUE”?"},"content":{"rendered":"

America\u2019s Cup lays off 28 people, race officials say<\/a><\/h1>\n
Posted on\u00a0March 23, 2012 at 2:29 pm\u00a0by\u00a0Stephanie M. Lee, John Cot\u00e9<\/a> in\u00a0San Francisco<\/a><\/div>\n

 <\/p>\n

The business arm of the America\u2019s Cup laid off a quarter of its staff Friday, the latest sign the premiere sailing competition has dramatically scaled back its presence \u2014 and budget \u2014 in San Francisco.<\/p>\n

The America\u2019s Cup Event Authority laid off 28 people, 14 of them in the San Francisco office and the other 14 in offices around the world, race officials said. They worked in the information technology, marketing and communications departments.<\/p>\n

The shake-up stemmed from the pared-down deal between the America\u2019s Cup and the city to host the event this year and in 2013.<\/p>\n

\u201cWe\u2019re having expenses match the revenues as much as we can,\u201d said Stephen Barclay, who took over as interim CEO for the event authority this week in another sign of reorganization. \u201cAnd a number of people will be leaving as a result.\u201d<\/p>\n

Originally, the Event Authority was going to invest $111 million in infrastructure work to repair deteriorating piers the city has sought for decades to fix. But race officials backed away from that agreement earlier this month.<\/p>\n

The new deal, set to be considered by the Board of Supervisors Tuesday, calls for the port to invest nearly $22 million in pier repairs, including up to $8 million for team bases at Piers 30-32. A team of fundraisers, meanwhile, is responsible for raising $32 million to cover the city\u2019s costs to put on the event, and have so far raised $12.5 million, according to a city audit released Friday.<\/p>\n

Beyond the rollback of the development deal, the event authority is also scaling back event facilities, including no longer trying to have any at Crissy Field, part of the Golden Gate National Recreation area.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

America\u2019s Cup lays off 28 people, race officials say Posted on\u00a0March 23, 2012 at 2:29 pm\u00a0by\u00a0Stephanie M. Lee, John Cot\u00e9 in\u00a0San Francisco   The business arm of the America\u2019s Cup laid off a quarter of its staff Friday, the latest sign the premiere sailing competition has dramatically scaled back its presence \u2014 and budget \u2014 … Continue reading “EXPENSES SHOULD MATCH REVENUE”?<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[632],"tags":[525,1243,2391],"class_list":["post-3077","post","type-post","status-publish","format-standard","hentry","category-americas-cup-34-2","tag-americas-cup-34","tag-americas-cup-event-authority","tag-san-francisco"],"_links":{"self":[{"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=\/wp\/v2\/posts\/3077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3077"}],"version-history":[{"count":1,"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=\/wp\/v2\/posts\/3077\/revisions"}],"predecessor-version":[{"id":3078,"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=\/wp\/v2\/posts\/3077\/revisions\/3078"}],"wp:attachment":[{"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stephenlirakis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}