It’s Official: America’s Cup Race Headed to San Francisco

PROVIDENCE, R.I. (AP) – Newport has lost out to San Francisco in the race for the 34th America's Cup in 2013.

The America's Cup Event Authority made the announcement Friday, but a spokesman for Gov.-elect Lincoln Chafee says it's not all bad news. He says the team has named Newport the prime location for a pre-regatta series in 2011, which means they will negotiate only with Rhode Island for that event.

He says the state will still put together a proposal for the final cup event in case the San Francisco deal falls apart.

Newport hosted the cup for more than 50 years until 1983.

Local officials have estimated the positive economic impact on Rhode Island of the cup finals at $1.1 billion.

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All is not lost, Rhode Islanders. As Reporter Matt Stevens found out, there are definitely some positives to come from this situation, no matter the outcome.