Philadelphia recently lost the opportunity to host the Dad Vail Regatta for the first time in fifty-seven years. A town in New Jersey grabbed the chance to host some 30-35, 000 spectators and rowers for this hallowed event and feed on the generous revenues that will flow.

There’s some controversy and finger pointing swirling around as to how Philadelphia lost this bid. One ”reason” was that the financially strapped city couldn’t come up with the $250,000. in cash to secure the event. Regatta officials also said Philadelphia was charging them steeply rising fees and that the regatta’s own reserves were drained. Philadelphia claims they weren’t consulted and that Rumson made a deal with regatta officials first. Surprise — money talks.

Philadelphia has more historic firsts than most cities could even dream of. Yet it also has a history of unfriendly-to-business practices, favoritism and has even torn down its own assets, ie. many historically important buildings have been demolished in the name of progress or parking lots.

Philadelphia just wasn’t properly focused on this regatta cash cow and now looks penny-wise and pound-foolish, regardless of any explanations to the contrary. The concern is that this loss signals backsliding in a city that desperately needs to seize all legitimate avenues of economic recovery.

Rumson, New Jersey, will not easily give up the chestnut that has landed in their lap. Philadelphia lost the Dad Vail and it remains to be seen if, how and when we will get it back.