Govt gives $5 mln to Emirates Team NZ

Govt gives $5 mln to Emirates Team NZ after America's Cup win

By Sophie Boot

July 3 (BusinessDesk) - The government will give $5 million to Emirates Team New Zealand as it prepares for the next America's Cup, so it can retain key staff.

Following the team's victory in the 35th America's Cup campaign in Bermuda last week, the government is keen for the regatta to return to New Zealand for the next round, which financial backer Stephen Tindall has said will be held in Auckland in 2021.

"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," Economic Development Minister Simon Bridges said. "This investment of $5 million will go some way towards protecting the valuable intellectual property, experience and skills that rest with key team members."

New Zealand hosted the regattas in 2000 and 2003, and Bridges said around half a billion dollars was added to the country's economy each time, 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," Bridges said.

(BusinessDesk)

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