Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

America’s Cup Decision

Hon Stuart Nash

Minister for Economic and Regional Development

The Minister responsible for the America’s Cup has confirmed the joint Crown-Auckland Council offer to host the next regatta has been declined by the Board of Team New Zealand.

“The exclusive period of negotiation between the Crown, Auckland Council, and Team New Zealand ends tomorrow, 17 June,” said Stuart Nash.

“Representatives of the Team New Zealand Board have informed the Crown-Council negotiators that the offer is not sufficient. The offer expires today, 16 June. From tomorrow, Team New Zealand is now free to seek support from other partners.

“We want the next America’s Cup raced in New Zealand. Tens of thousands of diehard Kiwi fans who turned out to support the historic defence of the Cup in March want it raced in New Zealand. It is disappointing we were unable to reach agreement within the exclusive negotiation period.

“At the end of the day the America’s Cup is a global commercial operation. It is an international business as much as a sporting contest. The team is now free to look to commercial sponsors, private supporters, or other avenues to bankroll the operation.

“Regardless, we wish the team all the best for the future. Team New Zealand is a world-class team. I know they will fly the flag for their home nation in the 37th America’s Cup, whether it is held in Auckland, or taken offshore.

“Any subsequent request for government support would have to be considered by Cabinet and I cannot confirm whether the Crown would consider making another offer.

“The Crown and Auckland Council put forward a very generous offer. It was a highly credible offer, given the current economic environment and pressure on government accounts. We went into the process in good faith to secure the event.

“The negotiations and the offer are commercial-in-confidence and details cannot be shared at this point. However I can confirm it involved cash and in-kind support worth around $99 million.

“We took the same approach as we did for the last Cup. The offer involved sufficient investment to ensure the Cup Defence and the wider event could be successfully delivered on land and on the water.

“Details remain commercially sensitive. But legacy infrastructure remains in place. It was purpose-built to provide access to team bases, an events centre, the Cup Village, an international media centre, and public facilities.

“It has also previously been announced that around $5 million has been offered by the Crown to keep the team together on the condition that AC37 be hosted in New Zealand. That offer has not yet been taken up.

“Across all government spending we are looking for value for money and are targeting support where it is needed most, to support the economic recovery and deal with the impacts of the global pandemic.

“Team New Zealand has received government assistance following every America’s Cup event since 2003. They continue to carry our best wishes and goodwill,” Mr Nash said.

Background:

For the most recent competition, AC36, the Crown committed a total of $136.5million. That sum included $40 million cash to deliver and manage the event. Significant legacy infrastructure remains in place at the Cup Village.

In addition, Auckland Council allocated more than $113 million for infrastructure costs to the Council associated with the event.

The host iwi Ngāti Whātua Ōrākei provided cultural support including blessings of boats, racecourses and the Cup Village, and the gifting of names to the boat Te Rehutai, the Cup Village hosting venue Te Pou and broadcasting venue Pūpū Tarakihi. It also hosted a fanzone and grandstand lookout point beside its marae at Takaparawhau (Bastion Point).

The independent negotiators who acted for the Crown and Council are specialists in corporate and commercial law, international banking, hospitality and resorts.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Geo-political Posturing Over China’s Cyber Hacks, Plus The Weekly Playlist

The timing was one of the weirder aspects of this week’s cyber condemnation of China by the West. Why was this piece of political theatre being staged now? China (and Russia’s) sponsoring and/or condoning of semi-state and criminal hacker groups has been known about for nigh on a decade. More particularly, Microsoft had been alerted to the flaws in its Microsoft Exchange... More>>




 
 


Government: Quarantine Free Travel With Australia Suspended

Quarantine Free Travel from all Australian states and territories to New Zealand is being suspended as the Covid situation there worsens, Prime Minister Jacinda Ardern and COVID-19 Response Minister Chris Hipkins announced today... More>>

ALSO:


Government: New Zealand Condemns Malicious Cyber Activity By Chinese State-sponsored Actors

New Zealand has established links between Chinese state-sponsored actors known as Advanced Persistent Threat 40 (APT40) and malicious cyber activity in New Zealand. “The GCSB has worked through a robust technical attribution process in relation to this activity. New Zealand is today joining other countries in strongly condemning this malicious activity... More>>

ALSO:

Government: Commits $600,000 To Flood Recovery

The Government is contributing $600,000 to help residents affected by the weekend’s violent weather with recovery efforts. Acting Minister for Emergency Management Kris Faafoi and Agriculture Minister Damien O’Connor have been in the Buller district this afternoon to assess flood damage and support the local response effort... More>>

ALSO:



NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>



Social Development: Government Initiatives Contribute To Fall In Benefit Numbers

Minister for Social Development Carmel Sepuloni has welcomed the release of the June quarter Benefit Statistics which show a continuing fall in the number of people receiving a Main Benefit... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels