America's Cup organizers announced staff reductions and organizational changes at the America's Cup Event Authority, the commercial arm of the sport, due in part to downsizing of the event’s footprint in San Francisco.
The reductions will affect 14 in San Francisco and another 14 staff at other offices around the world.
“These individuals have been valued members of our team since the start of the event authority and have made many valuable contributions to our organization, and we wish them all of the best in their future endeavors,” America’s Cup Event Authority interim CEO Stephen Barclay said in a statement. He said severance packages were in place for the departing employees.
“We must ensure that our expenses match revenues. We made these changes to create efficiencies necessary to ensure that we deliver an exciting and important event for both the world of competitive sailing and San Francisco,” Barclay added.
The America’s Cup Event Authority, he said, was pleased it had reached a new agreement with the city of San Francisco and hopes city officials affirm the agreement. The financial package is “not what we had anticipated or planned for, but we are moving forward because this sailing event will be fantastic for the teams, sailors around the world and all San Francisco,” Barclay said.
Racing is set to begin this year with the America’s Cup World Series events, the first of which will be April 11-15 in Naples, Italy, followed by events in May in Venice, Italy, and in June in Newport, R.I.