America’s Cup prospects brighten for New Zealand

Auckland, NZL (February 18, 2015) – America’s Cup challenger Team New Zealand appears set to receive funding from the Government again, well-placed sources have told the NZ Herald. The news comes as unconfirmed reports point to Auckland as the venue for the America’s Cup qualifying series in 2017.

Economic Development Minister Steven Joyce refused to confirm the funding yesterday, but repeated his claim that if New Zealand was confirmed as a venue for the qualifiers “that would make us much more interested in sponsoring the team”.

America’s Cup organisers reportedly made that decision this week, telling teams but waiting until next month to make an official announcement. The delay is understood to be for the Government to finalise its funding. Team NZ has said it would struggle to mount a challenge without it.

However, the amount the Government will contribute to Team NZ’s America’s Cup bid will be “significantly less” than the $36 million Team NZ wanted, sources say. Mr Joyce said he could not reveal the Government’s hand until the decision was formally announced. – Full report