
Organizers cancel Sailfest
New London — The annual Sailfest event that brought hundreds of thousands of visitors downtown for the last 45 years has been cancelled due to city budget issues, festival organizer Barbara Neff said Wednesday.
But Mayor Michael Passero contends Neff made the decision before other options were fully explored. Early Tuesday night, Passero said the popular fireworks display would continue as he had spoken with Mashantucket Pequot Tribal Chairman Rodney Butler, who assured him the tribe would continue to fund the show.
Neff, executive director of the Downtown New London Association, said she was told Tuesday by city officials no money would be available to cover the estimated $200,000 needed to pay for police, firefighter and public works overtime during the festival.
Neff said she was stunned by the news as contracts for vendors and entertainment — including the popular fireworks display — had already been agreed to in many cases.
'Now I need to get on the phone and tell these people and companies it's not happening,' Neff said. 'We don't have the money to cover the lost funding.'
But Passero said Wednesday the city didn't cancel Sailfest, Neff did after learning the city was not in a position this year to help subsidize the event. He said the city, facing a possible $2.5 million shortfall in state funding, is combing through every department budget to 'scratch out places to save.'
'If we're in a position where we have to cut positions, how can we justify using money for a street festival?' Passero said, who noted he was not at the meeting between Neff, city Chief Administrative Officer Steve Fields and Finance Director David McBride, during which festival costs were discussed. 'But we did not cancel the festival; this is a decision made by (Neff).'
A formal statement issued by Passero's administration Wednesday afternoon states the Tuesday meeting between Neff and city staff focused on how increased public safety needs would be funded.
'Instead of engaging in weighing options, the organizer decided to cancel the festival admitting it was time,' the statement read.
Security concerns
Passero said he's also been worried for years about security at the event. In 2006, an elderly driver struck a crowd of attendees, injuring about two dozen people. He said the tragedy in New Orleans on New Year's Day, when 14 people were killed when a driver plowed through a celebrating crowd, has made him even more nervous.
'I think we'd have to put tens of thousands more into security before I'd feel good,' he said.
In 2023, the summertime festival, which ran for decades Friday through Sunday, was shortened to exclude Friday due to police and other manpower issues.
Neff said the festival serves as a much-needed source of revenue for downtown shops and restaurants after a winter shopping slump.
'They can make as much in two days as they did in January, February and March,' she said. 'And it's not just the businesses in the immediate area. There're places like the Hygenic Art and beverage distributors like F & F who will be affected.'
Sal D'Angelo, owner of the Blue Duck & Bar on Bank Street, called Sailfest his 'biggest days of the year.'
'Last year on that Saturday we had 1,020 people come in, compared to 300 the next week,' he said. 'I spend a lot of time with my chef working out how to handle the volume and making sure we're offering the best service.'
D'Angelo said it's not just his staff affected by the cancellation.
'There's DJs and bands booked ahead of time,' he said. 'We're going to try and come up with something ourselves that weekend that brings people in.'
In her statement announcing the cancellation, Neff said the city will host three other fireworks displays this year sponsored by Foxwoods Resort Casino.
j.penney@theday.com
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 hours ago
- Yahoo
Akre Capital Seeks $12.2B Mutual Fund to ETF Conversion
The investment fund space is poised to see another mutual fund-to-ETF conversion—a growing trend as more asset managers look to take advantage of the structural benefits of funds that trade more like stocks. On Thursday, Akre Capital Management announced that it had proposed the conversion of its Akre Focus Fund to the actively managed Akre Focus ETF (AKRE). If approved by shareholders, the conversion is expected to take place in the fall of 2025, according to a press release. The AKRE Focus fund, which was launched in 2009 and has approximately $12.2 billion in net assets as of May 31, seeks to achieve long-term capital appreciation by selecting companies based on factors related to their business, management and reinvestment. The proposed conversion is expected to provide shareholders with enhanced tax efficiency, increased transparency and lower costs, according to the press release. The fund's prospectus shows that the current expense ratios range from 0.98% to 1.32% depending on share class and that the ETF's proposed unitary fee is 0.98%. In March, Akre Capital applied for an exemption that would allow its mutual fund to offer an ETF share class, but it is no longer pursuing that option. 'In our effort to deliver the significant benefits of the ETF structure to our mutual fund shareholders, we evaluated three options: launching a standalone ETF (clone), converting the mutual fund to an ETF and introducing an ETF share class within the mutual fund,' John Neff, CEO and CIO at Akre Capital explained to in an emailed statement. The firm determined that converting the mutual fund to an ETF would be in the best interest of its shareholders. 'This conversion represents an upgrade to a superior structure,' Neff added. 'In contrast, launching a standalone ETF would offer no benefit to existing shareholders, while introducing an ETF share class could create unnecessary confusion for investors and platforms.' Akre isn't alone in trying to take advantage of the tax advantages, lower expense ratios and intraday tradability ETFs have over their mutual fund counterparts. CFRA Research reports that last year, mutual funds (excluding money market funds) experienced $579 billion worth of net outflows, while $1.1 trillion moved into ETFs. Just last month, the world's largest asset manager, BlackRock, filed with the Securities and Exchange Commission to convert the BlackRock GA Disciplined Volatility Equity Fund (BIDVX) and BlackRock GA Dynamic Equity Fund (BIEEX) to | © Copyright 2025 All rights reserved


Newsweek
a day ago
- Newsweek
The 1600: Mutually Assured Destruction
The Insider's Track Good morning, 🎶 Friday Listening: Taylor Swift - All Too Well (10 Minute Version). One of the greatest breakup songs ever written. Speaking of... That escalated quickly, huh? I'd say our discussion yesterday about the cracks in the Musk-Trump relationship ended up being pretty prescient, despite those accusing me of trafficking in gossip and innuendo! Elon finally went full mask off just a couple hours after this newsletter hit your inbox, ripping into Trump directly over the course of about 40 posts on X. The trigger seems to have been Trump telling reporters he was "disappointed" in Musk's trashing of his marquee legislation. Musk started his tirade arguing that Trump would have lost the election if not for him (maybe), predicted the tariffs would cause a recession (more likely) and, as the coup de grace, accused the president of the United States of being in the Jeffrey Epstein files (which don't exist, at least not in the form that's been alleged). Remember that Cybertruck that exploded outside the Trump hotel in Vegas on New Year's Day? It was an omen. Trump responded that Elon had "gone CRAZY" and threatened to pull his companies' government subsidies and contracts. All in all, at least so far, the POTUS has actually been the cooler head to prevail in this breakup. Whether that can last, we'll probably see today. I've heard some theories that this was all staged as a way for Trump to wash his hands of Musk and Musk to get back to his business of selling electric cars to Democrats. I don't buy it. Elon is dead to the libs, that ship has sailed. And from everything I've heard out of DC, Trump was legitimately taken aback by his former "first buddy" going scorched earth. I think what's more likely is what we've been saying right here for months. You just cannot have two alpha males in the same place at the same time. It never works. And Musk had grown way too big for his britches during his brief tangle with the federal government. I do think there's probably some kind of Mutually Assured Destruction doctrine at play that is going to lead to a detente, or rapprochement, out of necessity for both parties, maybe even as soon as today. These guys both still need each other. Musk needs Trump not to mess with Tesla or SpaceX. Tesla is where Musk's wealth is derived. The DOJ could easily cut its already struggling stock price in half with a well-timed investigation. SpaceX is where Musk sees his legacy. And given SpaceX is deeply entangled with the federal government, Trump could easily make Elon's life miserable by just dropping it as a federal contractor, or as Steve Bannon is calling for, actually seizing it. That would also be bad for America because SpaceX is one of our most innovative companies that is, literally single handedly, keeping our space program alive. Let's hope it doesn't get caught up in the crossfire. But Musk also has something that is extremely valuable to both Trump and the MAGA project, and that is the X algorithm. Elon has made the platform formerly known as Twitter into an echo chamber for Trump-adjacent voices. If he did get Trump elected, it wasn't because of the $250M he dropped in Pennsylvania—it was because of the influence of X. One tweak of that algo to make it less Trump friendly, like it was a few years ago, and that would be a big hit to the White House's reach. One certainty about when Donald Trump is president, it's never boring! The Rundown President Donald Trump is working to push his "big, beautiful bill" through the Senate in the face of resistance from some Senate Republicans and increasing criticism from Elon Musk. Some lawmakers have already raised serious concerns about the bill—more in the Senate than in the House, where the bill passed by just one vote—which has put its passage in doubt. Read more. Also happening: Trump-Harvard: President Donald Trump suffered a major legal setback in his dispute with Harvard University. U.S. District Judge Allison Burroughs issued a two-page temporary restraining order instructing the DHS and the State Department to disregard a proclamation issued by the Trump administration the previous day banning international students at the university from entering the U.S. for six months. Read more. Trump's travel ban: The 2026 FIFA World Cup will be co-hosted by the U.S., Canada, and Mexico, with most matches—including the final—taking place in American stadiums. However, hopes among Iranian fans in particular to attend and support their national team on U.S. soil are now in doubt following Trump's announcement of a new travel ban targeting 12 countries, including Iran. Read the story. This is a preview of The 1600—Tap here to get this newsletter delivered straight to your inbox.
Yahoo
2 days ago
- Yahoo
New safety guidelines available for major Oklahoma events
Gov. Kevin Stitt shakes hands with Oklahoma County Sheriff Tommie Johnson Thursday as he thanks Johnson for his work developing a set of safety guidelines for major events in Oklahoma. (Photo by Emma Murphy/Oklahoma Voice) OKLAHOMA CITY — As Oklahoma City prepares to host the first games of this year's NBA Finals, Gov. Kevin Stitt on Thursday announced the launch of new security protocols for major events developed by the Secure Oklahoma NOW advisory council. The guidelines were crafted over five months by a 12-member advisory council who are 'subject matter experts' on emergency preparedness and response. The tool is currently available online for use in planning large events and in case emergency response is needed. Oklahoma Commissioner of Public Safety Tim Tipton said having this set of standards will help to prevent emergency events and allow for proper responses. 'Prevention is always our primary goal, but then we also have to be prepared for response,' he said. 'If that bad thing happens, then how do we respond? How do we mitigate the amount of damage or harm or hurt that our citizens might be affected by?' The guidelines are a 'living document' that will change as threats and technology evolve, Tipton said. 'It's one of those deals that there's really no room for failure on our part, we've got to make this work every time,' he said. The nine-page guide creates a rating system based on various factors at an event like attendance, venue, traffic and event type. Recommendations for steps to take are offered based on an event's rating, with resources provided to implement the guidelines. The council is made up of Oklahoma's public safety, law enforcement, emergency management and counterterrorism officials who helped craft the recommendations. Stitt established the council with an executive order Jan. 13 following an attack on Bourbon Street in New Orleans on New Year's Day that killed 14 people. 'We're just seeing some of these kind of attacks happen,' he said. 'And as we look forward to the big events here in Oklahoma, I just want to make sure that that as Oklahoma, we're as well prepared as we can to address it in these threats. So tonight, we have the Oklahoma City Thunder game coming up and then we're going to have a championship parade, hopefully, in a couple of weeks. And so the whole world's going to be looking at our city.' Local officials will have a better understanding of what state resources are available to them, Stitt said, including threat assessments from the Oklahoma Counter Terrorism Intelligence Center and a drone response team from the state Department of Public Safety. Both Stitt and Tipton encouraged Oklahomans to use the Protect OK app to report concerning or suspicious activity. Submissions to the app are constantly monitored, Tipton said. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX SUPPORT: YOU MAKE OUR WORK POSSIBLE