San Francisco city officials, facing a Friday deadline, have approved an agreement to keep alive their bid to host the 2013 America’s Cup.

The Board of Supervisors voted 11-0 to adopt a Host City Agreement that included changes sought by organisers of the regatta, who said they would have taken on too much of a financial burden without it.

Mayor Gavin Newsom signed the resolution, which still must be reviewed by America’s Cup officials.

“This resolution now enables the city to be on track to provide us with a signed agreement by Friday (tomorrow),” Stephen Barclay, an official with the Golden Gate Yacht Club and America’s Cup champion BMW Oracle Racing, said in a statement.

“We also appreciated the opportunity to work with the city and port officials prior to the vote and will now closely review the agreement changes that went before the board,” Barclay said.

“We’ve seen good progress, so now we will study the details. We continue to be focused on our responsibility to secure an agreement that enables us to run a world-class event whilst ensuring the America’s Cup Event Authority is not put at financial risk.”

The Golden Gate Yacht Club had set the Friday deadline for the agreement to ensure that participating teams could be notified of the venue by December 31.

The club was also considering Newport, Rhode Island, as a possible venue, and also had a bid proposal from Italy.