Please select your home edition
Edition
Bakewell-White Yacht Design

America's Cup- NZ Govt backs Team NZ with limited funding

by Richard Gladwell on 21 Oct 2013
Emirates Team NZ, Leg 1, Race 1 34th America’s Cup September 7, 2013 © Richard Gladwell www.photosport.co.nz

The NZ Government has announced that it will provide Team New Zealand with $5million of interim funding to allow the team to retain key members ahead of the 35th America's Cup.

The funding comes before the team has made a decision whether or not to Challenge for the trophy it failed to win by an 8-9 margin last month in San Francisco.

The amount provided is half that provided in 2010 - but that was covered by an agreement signed between the Team and the previous Labour government.

The announcement was made by the Economic Development Minister Steven Joyce, who is the Minister responsible for New Zealand Trade and Enterprise, who were a key sponsor of the team in the 32nd and 34th America's Cups, and use the opportunity to leverage trade opportunities for New Zealand industry into key markets.

A study of the benefits of the investment for the previous America's Cup is expected to reveal a tenfold return on the investment of $36million plus a further $4million (all NZD) investment to leverage business opportunities in North America.

Joyce has previously said that any investment by the Government on behalf of NZTE would be on the basis that the Team could raise a similar amount, ahead of any Challenge being lodged.

In the previous cycle $10million was given on a similar basis to the $5million announced today. The balance was tagged on the basis that it had to be matched on a 2:1 basis with other sponsorship arranged by the Team. If the team does not challenge, in the past there there is no payback requirement - other than unspent money from the Government contribution.

Joyce said planning was now underway for the next challenge. 'However it will not be possible for them to finalise their involvement until such time as they know key elements of the regatta, including where and when it will be held,' he said.

'The Government will assess its further involvement based on a strong business case from the team, and the benefits our involvement would bring for New Zealand exporters and our New Zealand brand.'

The deadline for a decision whether or not to Challenge is believed to be May 2014, with the Government study into the economic return being completed by March 2014. The amount of the America's Cup investment in the 2010-2013 campaign, is relatively small compared to the incentives given to the film industry for the making of the Lord of the Rings and The Hobbitt movies in New Zealand.

Key criteria hedging the decision whether or not to Challenge are believed to be a nationality clause on sailing crew composition; realistic cost of a Challenge; a logistically more feasible boat; as well as venue and dates.

Steven Joyce confirmed that the team had initially asked for $6.5million with the additional sum being for technology research. The team had agreed to try and fund that amount from other sources. Joyce confirmed that if the Team decided not to proceed with a Challenge in May, then the investment will be written off.

First time challenger, Hamilton Island Yacht Club, Australia, was accepted as the Challenger of Record by the Defender Golden Gate Yacht Club.

The Protocol negotiated between the two Clubs is expected to be announced in February 2014, after which entries will open to other Clubs to lodge a Click here for the TVNZ news report of the funding injection. And click here for the TV3 report on the announcement.

Team New Zealand first Challenged for the America's Cup in 1987, reaching the Finals of the Louis Vuitton Cup. It won and Defended the 160 year old trophy in 1995 and 2000. Each America's Cup cycle the team has reached the Louis Vuitton Cup Finals, and has been the Challenger in 1988, 2007 and 2013. In 2011/12 the Team entered the Volvo Ocean Race, placing second overall in Camper. In 1987 and since 1995 the Team has represented the Royal New Zealand Yacht Squadron.

Bakewell-White Yacht DesignPredictWind.com 2014Zhik Yachting 660x82

Related Articles

A Q&A with US Sailing’s Malcolm Page about the Sailing World Cup Miami
I spoke with Malcolm Page, US Sailing’s Olympic chief, about the team’s performance at the 2017 Sailing World Cup Miami I talked with Malcolm Page (AUS), a two-time Olympic gold medalist in the Men’s 470 class and the chief of Olympic sailing at US Sailing, to get his pulse on the team’s performance at the 2017 Sailing World Cup Miami and discuss some recent coaching changes within the Olympic-sailing program.
Posted on 20 Feb
America's Cup - Emirates Team NZ give first look at the pedaling AC50
Emirates Team New Zealand formally christened their new AC50 America's Cup Challenger on a rainy Auckland afternoon. Emirates Team New Zealand formally christened their new AC50 America's Cup Challenger on a rainy Auckland afternoon. The team has been sailing for the previous two days making news headlines after it was revealed in Sail-World.com that the AC50 would become only the second yacht in America's Cup history to use pedal power.
Posted on 16 Feb
America's Cup - Kiwis sign Olympic Cyclist for the Tour de Bermuda
Ttop cyclist Simon van Velthooven, a 2012 Olympic Bronze cycling medallist had been signed by the America's Cup team Emirates Team New Zealand put in a second foiling display on Auckland's Waitemata harbour ahead of the official launching of their AC50 tomorrow. With brighter skies the cycling team took their places on the pedalstals and used leg power to provide the hydraulic pressure necessary to run the AC50's control systems for the foils and wingsail.
Posted on 15 Feb
A Q&A with Shawn Macking about the StPYC’s Sailing Center and OD fleet
I talked with Shawn Macking, the StPYC’s waterfront director, to learn how the club is getting more people out sailing. I caught up with Shawn Macking, waterfront director of the St. Petersburg Yacht Club, via email to learn more about the club’s Sailing Center, its hefty investment in a new fleet of ten J/70s, and how the StPYC is using this infrastructure to expose more people to the sport we all love.
Posted on 13 Feb
A Q&A with Karen Angle about the 2017 Conch Republic Cup race to Cuba
I caught up with Karen Angle, executive director of the Conch Republic Cup, to learn more about this exciting event. If you’re like me and have arrived at saturation with winter’s cold rain and snow, imagine racing to Cuba as part of a 13-day cross-cultural event that’s designed to lower barriers of entry at a time when some Americans see a need for taller walls. I caught up with Karen Angle, executive director of the Conch Republic Cup, to learn more about this exciting event and the adventures it affords.
Posted on 23 Jan
A Q&A with Anna Tunnicliffe about her return to competitive sailing
I talked with Anna Tunnicliffe before the Sailing World Cup Miami to learn about her return to Olympic-class sailing. Anna Tunnicliffe won gold at the Beijing 2008 Olympics in the Laser Radial before shifting her sights to the Women’s Match Racing event for the London 2012 Olympics. Here, she came up shy of expectation and left sailing for the CrossFit Games, but now she is returning to her roots. I talked with Tunnicliffe before the Sailing World Cup Miami to learn about her return to Olympic-class sailing.
Posted on 23 Jan
A Q&A with Dick Neville, Quantum Key West Race Week’s RC chairman
I caught up with Dick Neville, Race Committee chair for the Quantum Key West Race Week, to learn more about the event. For the past 30 years, international sailors have gathered in Key West, Florida, each January for Key West Race Week, a regatta that has achieved legendary status due to its calendar dates, its location, and the impressive level of competition and racecourse management that this storied event offers. I caught up with Dick Neville, Race Committee chair for this year’s Quantum KWRW, to learn more.
Posted on 16 Jan
A Q&A with Daniel Smith, the Clipper Race’s new deputy race director
I talked with Daniel Smith, the Clipper Round The World Race’s new deputy race director, to learn more about his role. I was fortunate to sail with Daniel Smith [36, SCO], skipper of “Derry~Londonderry~Doire” for the 2015/2016 edition of the Clipper Round The World Race, when the fleet reached Seattle last spring. Now, Smith has been hired as the event’s deputy race director-a job that will test many of the skills that he polished as a skipper. I caught up with Smith via email to learn more about his new job.
Posted on 9 Jan
Rolex Sydney Hobart Yacht Race - Suck it up, sunshine!
The 72nd start of the iconic blue water classic had 300,000 spectators lining the foreshores of Sydney Harbour The 72nd start of the iconic blue water classic had 300,000 spectators lining the foreshores of Sydney Harbour, another two million watching on TV, and the constant buzz and whir of media helicopters overhead. 88 boats, from Australia, USA, UK, Germany, Sweden, Russia, Japan, Korea, China, oh and New Zealand, had lined up on three start lines.
Posted on 31 Dec 2016
Rolex Sydney Hobart Race - More merriment on the airwaves
Here are more examples of merriment on the airwaves between the boats and Hobart Race Control So on December 29, 2016, after the River Derwent had let just three boats home (Perpetual Loyal, Giacomo and Scallywag, all inside the old race record, she went to sleep for a lot of the day. This made it frustrating for the sailors, some of whom saw the lighter side. So after seeing some of those in Dark & Stormy, here are more examples of merriment on the airwaves between the boats and HRC
Posted on 29 Dec 2016