Govt welcomes announcements from Team NZ

Economic Development Minister Steven Joyce today welcomed the announcement by Team New Zealand it would challenge for the 35th America’s Cup and had secured money from private funders to last it until the end of the year.

“While they didn’t win the America’s Cup in San Francisco last time, Team New Zealand were excellent ambassadors for New Zealand throughout what became an epic contest,” Mr Joyce says.

“It’s positive news they will be challenging for the Auld Mug again and I also welcome their announcement they have secured private funding until the end of the year.

“Team New Zealand says it doesn’t need any more Government funding this year and will instead be submitting a revised sponsorship proposal alongside those to its private sector sponsors in the coming weeks.

“The Government will consider that proposal in due course before making any decisions on future investment. We will have to see how sponsorship of the challenge would benefit New Zealand’s visibility on the world stage – especially for our exporters. That’s very important to the Government.

The Government last year invested $5 million of interim funding in Team New Zealand to cover a seven-month period while the team decided whether it would challenge again.

“When I met with the Board of Team New Zealand a few weeks ago, I advised it was my preference it secure the support of its private backers rather than seeking more money from the Government at this time. I congratulate it on achieving that milestone, and will watch the next stage of their preparations with interest.”

Team New Zealand received $36 million in taxpayer funding for the last America’s Cup. An independent evaluation released in March this year showed a positive impact of $87 million to the New Zealand economy.

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