Assertions that the One Bermuda Alliance overspent on the America’s Cup were attacked as “political grandstanding” and “pathetic” by Grant Gibbons, the Shadow Minister of Economic Development.

The claims came from David Burt, the Premier and Minister of Finance, who said the former administration had failed to budget for $13 million for this fiscal year, including $4.3 million for the regatta’s sponsorship.

Branding it “misinformation”, Dr Gibbons said the remarks had denigrated the work that had gone into the America’s Cup.

“It’s unfortunate and, frankly, pathetic that the Progressive Labour Party and the new PLP government continue to spin Trump-like misinformation about Bermuda’s highly successful financial management and hosting of the recent 35th America’s Cup,” he said.

Mr Burt’s remarks appeared in yesterday’s newspaper, and were reiterated in the House of Assembly as part of supplemental estimates — which Mr Burt said were “prudent to table at this time” because of the change in government.

But the Shadow Minister of Economic Development said the comments over the $15 million sponsorship guarantee jumping to $19.3 million were “spin at its worst”.

The cash surplus left from the event would “more than cover any difference” between the initial estimate and the “now reported, reconciled amount of $19.3 million”.

Overall expenses for the ACBDA were estimated to be more than $8 million below budget as of July 2017, Dr Gibbons said, which would return to the government.

“Thus, no additional taxpayer money will be required.”

As the two clashed in Parliament, Mr Burt maintained that the regatta had been “unable to meet the expectations of the people of this country”.

Mr Burt added: “Just yesterday in the Ministry of Finance, I had to find an additional $1 million to cover the interest for an empty island.” This was in reference to the loan payments for the creation of Cross Island, where the America’s Cup was held.

Defending the $25 million sponsorship guarantee as “an attractive deal for Bermuda”, Dr Gibbons said it was no surprise that the final figure from August had differed from January estimates.

“In retrospect, Bermuda should be pleased with the total sponsorships — more than $20 million — the ACBDA and the former Ministry of Economic Development introduced from Bermuda-based and associated entities given our relatively small market size,” Dr Gibbons told The Royal Gazette.

“The PLP government should understand that denigrating the overall sponsorship level does nothing to facilitate future government sponsorship requests for major sporting or tourism events.

“Finally, as the PLP government will be aware, the difference between the Government 2017-18 budget sponsorship guarantee estimate of $15 million and the recently reconciled $19.5 million figure is more than offset by the superb financial and operational management demonstrated by the ACBDA and the former Ministry of Economic Development.

“Rather remarkably, over the entire three-year period, total operating and capital expenses for the ACBDA and the AC Department in the Ministry of Economic Development appear to be coming in at roughly 10 per cent below the original estimates projected in late 2014.”

Fixed assets such as floating docks and vessels acquired for the regatta represented “additional cash, should the ACBDA and government decide to liquidate them instead of retaining them for future sporting events”, he said.

“Rather than spending their time on petty, Trump-like political distractions, the new government should be working hard to build on the successful legacy of the AC35 by attracting lucrative repeat superyacht business to Dockyard and future sporting/tourism events like the World Triathlon Series, scheduled for 2018, 2019 and 2020.

“The transformation of Dockyard and the new Cross Island venue represent a superb platform for future international events. Bermudians will rightly expect the new government to take full advantage of this wonderful opportunity for Bermuda.”

• To read Grant Gibbons’s statement in full, click on the PDF under “Related Media”