Please select your home edition
Edition
U-DECK 2023 - No.3 728x90 TOP

America's Cup- Team New Zealand gets more traction than the All Blacks

by Richard Gladwell/Sail-World.com/nz on 16 Jun 2014
Grant Dalton, Emirates Team New Zealand Managing Director talks to media at a press conference at the team's base in Auckland. Chris Cameron/ETNZ http://www.chriscameron.co.nz
The pulling power of the Team New Zealand brand was demonstrated once again on Sunday, with a story on the America's Cup team taking the lead spot on the front page of a major Sunday newspaper.

What was even more powerful was that the story, about the team's much reported media conference on Friday afternoon, was up against a controversial win by the All Blacks over the touring English Rugby team.

The Team NZ story was one of the more accurate ones, but still could not resist inaccurately paraphrasing what was said:

Team New Zealand boss Grant Dalton has managed to raise $6million over the last week - but could yet need to find another $3m before the month is out to remain in the America's Cup.

Dalton has also expressed frustration over the handling of Friday's Auckland press conference, saying portrayals he issued government with a funding ultimatum were not what was intended, and it has only strained the political environment while the clock ticks.

The board of TNZ reconvenes tomorrow, including director and top entrepreneur Sir Stephen Tindall flying back into the country in the morning, to continue discussions on how the syndicate can finish tackling its potentially terminal financial situation - facing a deadline of just 14 days before their money runs out.

While timing of a $3m entry fee complicates the financials, as it stands TNZ effectively requires $5m to survive to December and an additional $6m to see them through to the end of February 2015.

Dalton has now revealed he has found commercial and private commitments, including from new investors, for $6m of that $11m total - an impressive achievement in the last seven days.

'In a week we have found $6m of funding ourselves, that is absolutely correct,' Dalton told the Sunday Star-Times last night.

Economic Development Minister Steven Joyce has also suggested that in the short-term, government is prepared to pump in around another $2m of public money, but TNZ must first meet the difference and have the cash ready. However, the relationship between TNZ and both the government and the public has been aggravated.

Joyce reacted to Dalton on Friday, quickly arranging his own press conference in response to reportage on TNZ after it was claimed Dalton had issued the government with an ultimatum amounting to: ‘give us more funding, or watch us die.'

Dalton says the TNZ press conference was not even called to discuss government funding, but instead to discuss the newly unveiled, and revised, Protocol for the 2017 America's Cup - and crucially, to convey that a Kiwi victory was more realistic than had first been portrayed.

For the rest of this story http://www.stuff.co.nz/sport/americas-cup/10159334/Team-New-Zealands-coffers-6m-and-counting!click_here

X-Yachts X4.0Rooster 2025KZRaceFurlers

Related Articles

2025 Santa Maria Cup in Annapolis, USA Day 2
Final four skippers emerge from a competitive qualifying double-round robin stage A thrilling second day of racing at the 2025 Santa Maria Cup saw the final four skippers emerge from a competitive qualifying double-round robin stage.
Posted today at 4:47 am
Collinson FX: June 6: EU cuts rates
President Trump held an important phone conversation with Chinese President Xi. Trade wars were the market focus, once again overnight, as President Trump held an important phone conversation with Chinese President Xi.
Posted today at 12:42 am
SailGP to Kick Off Summer in New York
With this Weekend's Mubadala New York Sail Grand Prix An unforgettable weekend of high-speed, close-to-shore racing and world-class entertainment will take place this weekend when the Mubadala New York Sail Grand Prix takes place in front of the most famous skyline in the world.
Posted on 5 Jun
Scandinavian Gold Cup at Sopot, Poland Day 1
A slow start with very little wind The Scandinavian Gold Cup opened Thursday in Sopot, Poland, with seven 5.5 Metres competing for this historic and iconic trophy that dates back to 1922. Unfortunately, there was not enough wind to even complete one race.
Posted on 5 Jun
49er, 49erFX and Nacra 17 Europeans Day 3
A six-hour bake on the water Veteran and multi-Olympic race officer Sulis was clear at the morning briefing, "Our priority is to get three races for the 49er so they can progress to the gold fleet."
Posted on 5 Jun
Galicia 52 Super Series Royal Cup Day 3
Platoon Aviation turn up the heat but don't dent American Magic Quantum Racing's lead After a disappointing first regatta of the season when they finished in an uncharacteristic last position in Saint-Tropez, the fortunes of the German flagged 2023 52 SUPER SERIES overall champions Platoon Aviation seem to have turned for the better.
Posted on 5 Jun
Diverse international fleet for 5th AEGEAN 600
The race start is a little over 1 month away In a sign that this newest of the world's 600-mile classic offshore races has reached maturity, organizers from the Hellenic Offshore Racing Club are pleased to announce yet another large international fleet will be assembled for the 2025 AEGEAN 600.
Posted on 5 Jun
America's Cup: Another sponsor signs for Italians
Luna Rossa has announced that Unipol has renewed its trust in the team Luna Rossa has announced that Unipol has renewed its trust in the team and will accompany it as an official sponsor for the duration of the 38th America's Cup.
Posted on 5 Jun
SailGP: Media Conference concludes in New York
Skippers speak ahead of the Mubadala New York Sail Grand Prix The media conference ahead of the Mubadala New York Sail Grand Prix has concluded, without any special points being revealed, save for Brazil lending a crew member to Germany.
Posted on 5 Jun
A decade of pushing the boundaries at A+T
Celebrating 10 years of the world's best yacht instruments 2025 marks a decade of pushing the boundaries of quality and customer service in the global yachting industry for A+T Instruments.
Posted on 5 Jun