Cayetano opposes yacht
By Ben DiPietro
builders’ request for
$3 million
Associated PressGov. Ben Cayetano says he supports the recommendation of a Hawaii Tourism Authority committee not to give up to $3 million to a group seeking to race an isle entry in the America's Cup yacht race.
Aloha Racing Foundation, which is building two boats in a state warehouse at Ko Olina that will be raced as an entry from the Waikiki Yacht Club, promised the state at least $10 million in publicity for its contribution.
The tourism authority's events committee recommended Wednesday that no money be provided for the effort, and Cayetano said he doesn't think the expense is worth the payoff.
Aloha Racing said it wouldn't need state funding when it pitched its plan, asking only for use of the warehouse space and of Barbers Point deep-draft harbor, the governor said.
"Now that the situation has changed for them, the authority, rightfully so, is very very cautious about how these folks are going to finance this boat," Cayetano said. "I frankly don't see a $10 million value by placing a logo on a sail. That's not my idea of value."
The full 13-member authority votes on the recommendations next week.
D.J. Cathcart, head of marketing for Aloha Racing, said yesterday she was surprised by the committee's recommendation and wants to talk with tourism authority officials before deciding what to do next.
She wouldn't say what effect a lack of state funding would have on the team's effort to enter the challenger series set to start in October in New Zealand.
"It's too early to say. We still need to talk to HTA to find out what's going on," Cathcart said. "We'll be talking further with everyone to figure out what the next steps are."
State lawmakers seem more enthusiastic about the project, with the Senate setting aside $1 million in its budget proposal and the House $500,000. Those amounts were contingent on matching contributions from the authority.
Events committee Chairman Mark Rolfing said the committee decided the amount of money sought was too much for the risk involved in trying to win the prestigious race.
Some money was to come from state general funds, the rest from the tourism authority or corporate donations.
The committee did recommend funding 24 requests for various events across the state worth $957,000. None of those events, including the Maui Invitational college basketball tournament and the PGA Grand Slam of Golf on Kauai, would have received funding had the America's Cup request been approved, Rolfing said.
