Clock ticking to retain America’s Cup
Published on July 16th, 2021
When America’s Cup defender Emirates Team New Zealand confirmed in March 2021 that their club, Royal New Zealand Yacht Squadron, had accepted a Notice of Challenge for the 37th America’s Cup (AC37) from the Royal Yacht Squadron Racing (GBR), represented by INEOS TEAM UK, there has been little else revealed about the next edition.
In this timeline from May 2021, the next vital detail will be the venue announcement in September 2021. Why this element is now a consideration has everything to do with the escalating costs to compete, and the perceived value of the hosting rights. No longer, apparently, is it assumed the winner of the America’s Cup will defend on their home turf.
In this report by the New Zealand Herald, they reveal how the door is not shut on AC37 being in Kiwi land but odds are stacked against it:
A leaked email has revealed a last-ditch effort was made to try and raise the money required to host the next America’s Cup in Auckland, despite an admittedly low chance of success.
Royal New Zealand Yacht Squadron commodore Aaron Young sent an email to the squadron’s members this week that contained an update on efforts being made to keep the event on New Zealand shores.
Last month, Team New Zealand CEO Grant Dalton told a gathering of more than 400 squadron members that it was extremely unlikely that a funding agreement with the Government would be reached, after more than three months of negotiations had failed.
Now, after another month of attempts to raise at least $80m to add to a reported offer worth around $100 million from the Government and Auckland Council, Young says the campaign has failed to progress its cause.
“I have been working tirelessly for the last month with numerous people and meetings to look at every possible opportunity to raise the funds needed. We have had many worthwhile meetings, some positive outcomes and some no’s. I can honestly say we have tried and continue to do so, but as of now we aren’t there,” Young wrote in the email. – Full report