Pensacola Mayor D.C. Reeves: America's Cup could come to Pensacola if American Magic wins

Pensacola Mayor D.C. Reeves said it's possible that if American Magic wins the 2024 America's Cup, the next America's Cup race could be hosted in Pensacola.

Reeves made the comments during his weekly press conference on Tuesday while talking about the city winning initial approval for an $8.5 million Triumph Gulf Coast grant and a $3.9 million from the Governor's Job Growth Grant fund.

"I was joking with someone today, I said, the city of Pensacola's chances to host an America's Cup one day went from 1 in a trillion to about 1 in 4 in the last week or so," Reeves said while sporting an American Magic team shirt at the press conference. "And they mean it when they say that their intent would be to host it here."

DeSantis backs American Magic: Gov. Ron DeSantis awards Pensacola $3.9 million for American Magic headquarters

Triumph Grant: $8.5M grant, American Magic facility may make Pensacola 'top sailing destination in the U.S.'

The America's Cup is the longest-running and is considered the most competitive sailing race in the world by the sailing community. The event usually occurs every four years in yachts using the latest sailing and aviation technology to gain an edge in the competition.

The American Magic team has been training in Pensacola since 2018 and is currently relocating to Spain, where it will compete in the 37th America's Cup in Barcelona.

The winning team of the 37th America's Cup will write the rules for the next competition, including picking the location of the race.

Relocating American Magic: Pensacola seeking $15M for American Magic America's Cup team and 150 new high-wage jobs

Last week, Triumph Gulf Coast gave initial approval for Pensacola to receive $8.5 million to rebuild Warehouse No. 10 at the Port of Pensacola to create the Center for Maritime Excellence that will serve as the headquarters for American Magic.

On Monday, Gov. Ron DeSantis announced he was also awarding Pensacola $3.9 million in an economic development grant for the project.

American Magic currently builds and designs its boats in Rhode Island. City officials say the team will relocate up to 150 jobs with an average salary of $105,000 to the Port of Pensacola. The project is also expected to generate up to 20 additional jobs for a total of 170 new jobs for the Pensacola economy.

Triumph Gulf Coast and the city are beginning to negotiate terms of the grant agreement, which usually include clawbacks if economic development goals aren't met.

Reeves said the city and American Magic would likely have to sign an agreement to protect the city.

"Meeting with their ownership and the folks financing it, I feel very, very good. Nonetheless, it's our job to make sure the taxpayer is protected," Reeves said.

Reeves said it would make sense for American Magic to choose Pensacola to host the cup because it would give the team the home-field advantage.

"They're going to be so familiar with this water," Reeves said. "They would be on it for a decade by that point, so they'd have a competitive advantage. They'd be in their home. All their folks would be sleeping in their own beds with their own families. While all the other teams from around the world would have to be here for an extended period of time."

It would be a large undertaking for Pensacola to host an America's Cup. According to media reports, New Zealand's government spent $73 million to host the race in 2021 during the height of the COVID-19 pandemic.

Bermuda hosted the America's Cup in 2017, and the island territory spent $64.1 million to host the event. The island government said the event generated a $336.4 million boost to its GDP.

San Fransico hosted the event in 2013 and spent $20.7 million. According to the Bay Area Council Economic Institute, the event drew 70,000 people to the city, generating $364 million in economic impact.

Reeves acknowledged Pensacola's challenge in hosting the event, but it would be "a great problem to have."

"We'll have a lot to do the day after they win the cup," Reeves said. "I can guarantee you that. Hopefully, I'd be over there cheering them on, and then probably on the plane the next morning back here to try to figure out how we can pull this thing off."

Reeves said Pensacola's geography gives it an advantage over other previous host cities.

"We actually kind of have a natural amphitheater to watch (the race)," Reeves said. "Other places are not necessarily that way."

Reeves said, speaking with the team, the idea of spectators lining the waterfront and the pedestrian area of the Three Mile Bridge has been brought up.

"Even though we may have some additional challenges that the larger cities may not have," Reeves said. "What (American Magic) described is we have a lot of additional advantages (over) San Francisco or Barcelona and some of their issues, in terms of land, in terms of other things that they need to put on something like that."

This article originally appeared on Pensacola News Journal: Pensacola could host America's Cup if American Magic wins, mayor says