According to US news reports, supporters of San Francisco’s bid to host the next America’s Cup pledged to raise $270 million in sponsorship to cover the costs of the event – if it is held on the bay.

Under a term sheet submitted to the city’s Board of Supervisors this week, bid backers said they expect to raise that amount after holding conversations with area-based corporations like Visa Inc., Wells Fargo & Co., URS Corp., PG&E Corp. and Google Inc. as well as companies elsewhere across the country.

Slightly more than the $250 million (approximately) spent on the 33rd America’s Cup in Valencia back in February, that money would be used to cover the costs of the America’s Cup challenge on the bay as well as races leading up to the championship event.

The sponsorship money is a key element in San Francisco’s effort to host the competition, and the city hopes to convince BMW Oracle head Larry Ellison to hold the next America’s Cup on the bay rather than in Spain or at an unnamed city in Italy, which are also trying to win the rights.

For more information on the 34th America’s Cup, visit www.americascup.com.