About

The Cup is named for the schooner America, which defeated a fleet of British yachts off the Isle of Wight to capture the 100 Guinea Cup, deeding it as a perpetual trophy to promote “friendly competition between foreign countries.

The San Francisco agreement requires Ellison’s team to invest $80 million to renovate city-managed piers to get them ready for the regatta, and raise $270 million to manage and operate the event in exchange for rights and concessions to the race.

Preliminary races will begin in San Francisco in 2012 to determine the Cup’s official challenger. The final matches against Ellison’s Oracle team will be then set for the following year.