Lack of money costs San Diego America's Cup

Evidence continues to mount that Bermuda will host the 2017 America's Cup with a San Diego official claiming his city's bid was scuppered on financial grounds.

The formal announcement will be made by America's Cup bosses in New York on December 2.

Already there has been speculation that Bermuda has been given the nod with a story by respected news agency Associated Press last week reporting it had been informed  by a well-placed source that the British territory in the Caribbean had won the race against San Diego.

San Diego Tourism Authority chief executive Joe Terzi has backed that up by telling the city's Union-Tribune newspaper: “The America's Cup rep said you guys worked hard, we would have liked to have seen a more aggressive bid financially. But when it came down to it, Bermuda was the destination Larry needed to choose.”

It seems Bermuda's tax-haven status has been too big to ignore for Larry Ellison, the billionaire backer of cup holders Oracle Team USA. Despite his fortune, Ellison still wants to see yachting's biggest extravaganza try to pay its way.

For full story head to Stuff.

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