sfgtv ♪ ♪ >> bmw oracle as we're coming down to the final 10 seconds.e, four, three, two, one. >> america's cup, the two fastest yachts in america's cup history take sailing where it has never been. we have got a race on our hands here, folks. ♪ ♪ >> bmw oracle racing is leading with two legs to go. >> five minutes to go. ♪ ♪ >> finally, america's cup they 3 has been decided on the water. february 14, 2010, and valencia spain. the america's cup is america's again. [applause] >> usa usa. ♪ ♪ [applause] >> amazing. awesome. and better than that. [applause] [applause] >> and a couple things that need to be known about that boat -- the fastest ever be in the america's cup. how fast? 50 miles per hour. fantastic. i would love to take my son on that. it looks really fun. after all this time, you would think you would be burned out and want to go home and go to bed, but now it's time to mount your defense again. ladies and gentlemen, larry ellison. [applause] [applause] >> well, i guess the last time i was next to this trophy -- in regards to the changing hand

here you see the trophy arriving what it was won by billionaire larry ellison and bmw oracle. it was sponsored by the golden gate yacht club which is

they were both to a boat called usa 76 and it wasn't a bmw oracle racing team. they were triumphant. they went on to defeat team new zealand. for the first time ever of the america's cup -- it moved to europe. the great sailing nation, switzerland. [laughter] i love the suisse. they are good that tennis. they are good that a lot of things. it was russell the first one the -- won the america's cup for new zealand, and then won on behalf of the swiss team. there was a pattern i began to recognize. [laughter] russell is on team new zealand and a windy america's cup. he is on swiss team and they won the america's cup. i had this idea -- [laughter] i sailed a bunch with russell and against him. i decided it was a much better idea to sail with him than against them. i think the record speaks for itself. russell could not be here today. he is ill. he has pneumonia. he apologizes for not being here. russell has been our leader and organizer of this great team to win this trophy for him for the fourth time. he will be our leader again in defending the trophy against -- [

on the day with our free sailing program to san francisco high school students, courtesy of the bmw oracle team. i would like to be able to share these kinds of days with other yacht club high school's sailing groups are around san francisco bay. there are over 100 high school teams competing throughout california. we are in little bit behind the times of here, but i think we are well on our way to catching up and being able to compete not only with southern california, but the east coast and the world. california maritime academy recently sent one of their sailing teams to france representing the united states, and i think the future of sailing is with the youth, and i'm in favor of the 34th america's cup because i think it will generate the enthusiasm and infusion of funding that we need. i'm not going to use up my whole time. i'm going to go ahead and deferred to bright wind, who is also from my yacht club. >> i'm port captain of the golden gate yacht club. i cannot tell you how much this will be a boon to my club, but the important thing is it will be a grand slam for the entire bay ar

negotiations, and this according between the mayor's office, members of the boards, the city family, and bmw oracle. the first terms that were designs on the central waterfront was just not economically feasible. really, to everyone's advantage, even despite the very unorthodox kind of negotiating environment, because of the rapid time that we have had due to parameters that have been imposed upon us to come up with clear-cut answers, we now were able to see i think what was a smarter proposal so that the assumption of risks would be mitigated, and the liability for the city and its people would be significantly reduced. that was the extension of us shipping from the central waterfront bid proposal to the northern waterfront, which is before us today. i really want to say how impressive in has been for the san francisco port authority, oewd, the mayor's office, members of the board of supervisors, mr. mark buell, and others who really have been demonstrating significant due diligence, which for holiday spirit reasons alone should earn us the right to secure the cup, but i think by us being able to

bmw oracle racing team made clear his interest in bringing the cup here. >> it's a great place for viewing. you have the wind delivered at 1:00 in the afternoon all throughout the summer. >> reporter: negotiations this month between the city and event organizers continued late into this afternoon. >> negotiating with larry ellison is not an easy deal. i've had some experience in that myself. my hats off to the city. >> reporter: the former commodore for the st. francis yacht club says the scenery is what made the decision. >> new port i think they would have to sail out on rhode island sound. >> reporter: we'll hear from business owners from around the city and they'll tell us how they hope the cup will fill up their registers. david stevenson. >> the effect the america's cup is going top, patti. >> reporter: this competition has received so much attention here and across the world and all day people have been coming up to us asking us who won. drummer john king is celebrating, new year's eve and news that san fan san francisco will be hosting the next america's cup. >> that's great news,

>> reporter: the oldest existing trophy in sports arrived here in february just days after the bmw oracle racing won the cup off at spain. then after months of tense negotiations, today san fransisco won the international battle to host what will be the 34th cup. >> it's an exciting moment. makes our new year's eve even more remarkable. and i couldn't be more enthusiastic. >> reporter: preparing the racing facilities will create jobs and the event will bring in thousands of spectators that will spend money. businesses are ecstatic. >> north of the bay bridge which has been not in great shape for quite a while. >> reporter: the golden gate yacht club staff come door -- >> it's going to be more to the public. we want to bring this to the community. the racing will begin here in 2012 me the final match set for 2013. ktvu channel 2 news. >>> there appear to be some last minute arm twisting between the racing team and the mayor on other city people the supervisors unanimously approved a bid that involved piers 30 and 32. and piers 19-2 often the north side of the bay bridge. sailing enthusists

>> reporter: the oldest existing trophy in sports arrived here in february just days after the bmw oracle racing won the cup off at spain. then after months of tense negotiations, today san fransisco won the international battle to host what will be the 34th cup. >> it's an exciting moment. makes our new year's eve even  more remarkable. and i couldn't be more enthusiastic. >> reporter: preparing the racing facilities will create jobs and the event will bring in thousands of spectators that will spend money. businesses are ecstatic. >> north of the bay bridge which has been not in great shape for quite a while. >> reporter: the golden gate yacht club staff come door -- >> it's going to be more to the public. we want to bring this to the community. the racing will begin here in 2012 me the final match set for 2013. ktvu channel 2 news. >>> there appear to be some last minute arm twisting between the racing team and the mayor on other city people the supervisors unanimously approved a bid that involved piers 30 and 32. and piers 19-2 often the north side of the bay bridge. sailing enthusi

. >> reporter: under the deal larry ellison's bmw oracle racing team would spend up to $80 million fixing rotting piers and building racing infrastructure. in exchange, the city will award the group development rights to some waterfront piers for more than 60 years. >> i think it's great. i think the fact that the embarcadero will be developed, that there's all these empty piers that will continue to thrive after the cup is a great thing for the city. >> reporter: the event's expected to generate more than a billion dollars in revenue. whether it's pier 23 or sam cokeham's bike-drawn cab, city leaders say that's a big boost to the economy. >> what propels that level of new revenue is going to be the tourism that i think this event will bring, and that's going to generate the kind of revenue that otherwise a year ago wouldn't have been possible. >> reporter: san francisco expects the month-long regatta to create 8,000 jobs and put a new shine to the city's waterfront and give pier 23 a whole new view of the bay. joe risotto jr., nbc bay area news. >> san francisco mayor gavin newsom reacte

sponsored by the yacht club will be hosted by the oracle/bmw racing team that had victor the last time. and this is something the heaven waiting for. in the san francisco provides a unique and the feeder. and ordinarily, the article out on to the water. this is where people can enjoy from the shore with their unique at the theater. and they never thought if sailing was an event? it is not only just for rich people. hopefully, this will provide the impression that it is enjoyed by everyone. >> $90 million, and with hotel, payroll, and parking. -19 million should be projected. also, generating with $1 billion and business. >> just what the city needs. >> still had, it is going to cost a little bit more to heat the new year. even if you do not use a lot of electricity. >> and a live look at london. the new year's day parade is well under way. >> good morning, and happy new year. the brunt of this is headed east. towards the sierras, and leaving the bay area. hi, try and strike up this morning. >> we are high and dry through the bay area. this morning. >> and a arrest through santa clara c