Promising to bring an estimated "$1.4 billion in economic benefits and 8,000 jobs to a city facing a $379 million deficit," San Francisco celebrated the America's Cup pick on Wednesday. The Chronicle breathlessly notes: "Members of the America's Cup Event Authority joined city leaders and billionaire software mogul Larry Ellison at City Hall on Wednesday to celebrate the Dec. 31 announcement that San Francisco will host the high-profile regatta in 2013."
Mayor Gavin Newsom described the regatta as a "big deal," saying that the effects will be "transformative" to San Francisco.
Ellison who will defend his title in 2013, said his aim is to "turn this from an elitist event into a popular sporting event." San Francisco beat Newport, Rhode Island to host the race.
Here are some photos from Wednesday's celebration at City Hall.