Keeping the Kiwi Band Together

(July 3, 2017) – The New Zealand Government will invest $5 million in Team New Zealand to help it retain its key members, ministers announced this afternoon.

Economic Development Minister Simon Bridges said the interim funding would help protect the team’s intellectual property, experience “and the skills that rest with key team members”.

The Government provided the same amount of funding to Team NZ following its defeat in San Francisco in 2013.

Read more about how Auckland could host the Cup… click here.

Bridges would not say whether the Government would provide funding to Team NZ’s defence of the America’s Cup, which is expected to be in New Zealand.

“While the location for the 36th America’s Cup has not been decided yet, we do know that hosting a regatta in New Zealand has the potential to generate significant economic benefits.

“The America’s Cup regattas hosted in New Zealand in 2000 and 2003 had a significant impact on the New Zealand economy generating around half a billion dollars of total value added per regatta, particularly in the marine and tourism sectors.

“New Zealand Trade and Enterprise also held a successful business leverage programme at the 34th America’s Cup in San Francisco in 2013 which generated trade and investment deals for New Zealand worth $200 million and a further $120 million of new sales opportunities and investor interest.”

Speaking at his regular post-Cabinet press conference, Prime Minister Bill English said Team NZ had provided enjoyment and a sense of achievement to millions of Kiwis.

“Once the team is back in the country we are open to discussing with them their plans for staging the defence of the Cup.”

Source: New Zealand Herald