UPDATED: San Francisco Beats Newport for America's Cup

UPDATED: San Francisco Beats Newport for America's Cup

America's Cup officials have confirmed that SanFrancisco has beaten Newport, RI to host the America's Cup.

Mayor Gavin Newsom said in an emailed statement late Friday, “The selection of San Francisco today to host the 34th America’s Cup marks the beginning of an extraordinary new chapter for our city and for the sport of sailing.”

According to the San Francisco Examiner, the final decison had been made earlier in the day. “We sought a venue that fulfills our promise – to showcase the best sailors in the world competing on the fastest boats,” said Richard Worth, Chairman of America’s Cup Event Authority in an emailed statement. “And hosting the America’s Cup in San Francisco will realize that promise.“

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According to a range of media sources, the deal to bring the cup to San Francisco benefits Larry Ellison of sailing and business fame.  The billionaire will personally benefit from the San Francisco deal. He personally will control waterfront development rights in exchange for bringing the race to San Francisco.

In addition, according to the San Francisco paper, the city has also offered Ellison millions in city services to support the 2013 race.

As of 4 pm today, Rhode Island officials claim that they have not been notified.

The America's Cup is arguably the oldest trophy in modern sports. 

According to a study conduct for Rhode Island's bid - the economic impact would be more than $1 billion if Rhode Island were to retain the Cup.