San Francisco prepares for America’s Cup in 2013

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San Francisco was selected as the host venue for the 34th America's Cup and an official celebration event will be held Wednesday in the city.

San Francisco Bay will be home to the 2013 America's Cup finals and the Challenger Selection Series for the Louis Vuitton Cup, as well as an America's Cup World Series event in 2012. This will be the first time the America's Cup has been hosted in the United States since 1995.

"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 the America's Cup Event Authority, in a statement. "And hosting the America's Cup in San Francisco will realize that promise. We look forward to working closely with the city of San Francisco over the coming months to create a world-class America's Cup event and a large and lasting beneficial impact on the city."

Independent studies show that the America's Cup delivers the third-largest economic impact in sport to host countries, behind the Olympic Games and soccer's World Cup. The 34th America's Cup is projected to pump an estimated $1.4 billion into the San Francisco region, organizers said.

"Today is one of great celebration, with San Francisco winning the right to host the America's Cup and all of the economic benefit, jobs and excitement that comes with it," San Francisco mayor Gavin Newsom said in a statement on Dec. 31. "San Francisco is the best place on Earth to host an event of this stature and we could not be more proud to be the city that brings the America's Cup back home to the United States."