America’s Cup: Kiwis receive government funding through May 2014

Wellington, New Zealand (October 21, 2013) Defeated challenger Team New Zealand will receive $5 million in government funding to stay afloat until it decides whether it will challenge again for the America’s Cup, reports The New Zealand Herald.

Team New Zealand led 8-1 before losing 9-8 to Cup-holder Team USA on San Francisco Bay in the most-recent contest for sailing’s oldest trophy.

The New Zealand syndicate’s future had been uncertain until Monday, when economic development minister Steven Joyce said the government would provide $5 million in “bridging” finance to ensure the team could pay staff including sailors and designers until May 2014.

New Zealand taxpayers contributed $36 million toward the cost of New Zealand’s last campaign. Joyce said the government was “keen to retain the knowledge and skills of the team for a further challenge, should that prove feasible.”