Despite costing the country $293 million, America's Cup organisers are still claiming the event was still a resounding success.
An evaluation report released by the Crown and Auckland Council shows for every dollar spent, only 48 cents was recovered.
Taking into account social and environmental benefits, the total loss has been calculated at $156 million.
The pandemic is being blamed for the regatta's economic shortfall.
Auckland mayor Phil Goff spoke to Corin Dann.