Add this one to the list of financial woes plaguing the America’s Cup competition set to sail through SF in 2013. According to the city’s controller, the organization needs to come up with some cold hard cash and they need to do it now, or else taxpayers may be picking up the bill.

SF Chronicle reports that, “Hosting the America’s Cup could cost San Francisco taxpayers up to $21.7 million if fundraising by an independent committee fails to meet a $32 million target over three years to defray the city’s costs of hosting sailing’s premier regatta, according to a new report completed Thursday.”

Exhibition matches for the competition start this August, and the Piers along with a whole host of other projects at the Port have barely begun. Will it all pan out or will it all implode?

For more, go here.

Photo credit: Dolmen Yachts