America’s Cup: Questioning kiwi subsidy

Published on July 16th, 2020

by Nick Truebridge, Radio New Zealand
Employees at America’s Cup defender Team New Zealand (TNZ) have been kept afloat by nearly $1.5 million in Government wage subsidies through the COVID-19 crisis. Businesses had to prove a 30 per cent revenue drop to secure the first round of wage subsidies and 40 per cent to qualify for the extension.

TNZ has secured both rounds, but questions are being raised over what revenue the syndicate actually lost as a result of the pandemic. However, it hasn’t been keen to answer questions about its use of the COVID-19 wage subsidy.

The $1.47m claimed is made up of just under $890,000 for 127 staff in the first round and over $588,000 for 126 employees through the wage subsidy extension.

The Checkpoint news program wanted to know how the team had been impacted financially by the pandemic, how the team funded salaries, and why it applied for the wage subsidy extension. However, TNZ did not responded to RNZ’s repeated requests for comment. Full report.


Details: www.americascup.com

36th America’s Cup
In addition to Challenges from Italy, USA, and Great Britain that were accepted during the initial entry period (January 1 to June 30, 2018), eight additional Notices of Challenge were received by the late entry deadline on November 30, 2018. Of those eight submittals, entries from Malta, USA, and the Netherlands were also accepted. Here’s the list:

Defender:
• Emirates Team New Zealand (NZL)

Challengers:
• Luna Rossa (ITA) – Challenger of Record
• American Magic (USA)
• INEOS Team UK (GBR)
• Malta Altus Challenge (MLT) – WITHDRAW
• Stars + Stripes Team USA (USA)
• DutchSail (NED) – WITHDRAW

Of the three late entries, only Stars+Stripes USA remains committed, however, it is unclear what entry payments have been made, nor is there knowledge of a boat being actively built or sailing team assembled.

Key America’s Cup dates:
✔ September 28, 2017: 36th America’s Cup Protocol released
✔ November 30, 2017: AC75 Class concepts released to key stakeholders
✔ January 1, 2018: Entries for Challengers open
✔ March 31, 2018: AC75 Class Rule published
✔ June 30, 2018: Entries for Challengers close
✔ August 31, 2018: Location of the America’s Cup Match and The PRADA Cup confirmed
✔ August 31, 2018: Specific race course area confirmed
✔ November 30, 2018: Late entries deadline
✔ March 31, 2019: Boat 1 can be launched (DELAYED)
✔ 2nd half of 2019: 2 x America’s Cup World Series events (CANCELLED)
✔ October 1, 2019: US$1million late entry fee deadline (NOT KNOWN)
✔ February 1, 2020: Boat 2 can be launched (DELAYED)
✔ April 23-26, 2020: First (1/3) America’s Cup World Series event in Cagliari, Sardinia (CANCELLED)
✔ June 4-7, 2020: Second (2/3) America’s Cup World Series event in Portsmouth, England (CANCELLED)
• December 17-20, 2020: Third (3/3) America’s Cup World Series event in Auckland, New Zealand
• January 15-February 22, 2021: The PRADA Cup Challenger Selection Series
• March 6-15, 2021: The America’s Cup Match

Youth America’s Cup Competition
• February 18-23, 2021
• March 1-5, 2021
• March 8-12, 2021

AC75 launch dates:
September 6 – Emirates Team New Zealand (NZL), Boat 1
September 10 – American Magic (USA), Boat 1; actual launch date earlier but not released
October 2 – Luna Rossa (ITA), Boat 1
October 4 – INEOS Team UK (GBR), Boat 1

Details: www.americascup.com

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