America’s Cup lays off 28 people—a quarter of its staff

Another sign that the 2013 regatta is turning into a lot less than Oracle CEO and the event’s chief promoter, Larry Ellison, originally pitched it to be. The America’s Cup Event Authority laid off a quarter of its staff today. The Chronicle’s Stephanie M. Lee and John Cote blog that 28 people lost their jobs, half in the San Francisco office and the rest in offices around the world. Bottom line: downsized event equals downsized staff. An excerpt:

“We’re having expenses match the revenues as much as we can,” said Stephen Barclay, who took over as interim CEO for the event authority this week in another sign of reorganization. “And a number of people will be leaving as a result.”