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America's Cup- Team New Zealand has just 19 days left to live?

by Richard Gladwell, Sail-World.com/nz on 12 Jun 2014
Emirates Team NZ, Leg 1, Race 1 34th America’’s Cup September 7, 2013, with the replica of the boat that started it all, America, in the lower right corner background. © Richard Gladwell www.richardgladwell.com
Financially beleaguered America's Cup challenger, Emirates Team New Zealand has less than 19 days to find sufficient finance to stay alive.

The team was given a modest advance by the NZ Government's Trade and Enterprise division after not winning the 34th America's Cup. However the $5million advance runs out at the end of June. It has been used to pay team costs, and retain key team members while the twice winner of the America's Cup is restructured.

In an interview broadcast on Wednesday morning on Radio Sport, in Auckland, Team NZ CEO Grant Dalton said the team had 19 days of financial resources left before the team would be forced to disband, after being in existence for almost 30 years.

Dalton said the end, if it came would be very quick and that he expected key team members to be snapped up by other teams within hours of an announcement.

The full interview can be heard by clicking here

Team New Zealand and its predecessor New Zealand Challenge, have competed in eight America's Cup regatta, twice winning the Match, contesting the Match in another four regattas, and made the Final of the Louis Vuitton Cup in the other two. Outside the America's Cup, the team has also competed in the Volvo Ocean Race and Extreme Sailing Series.




Social media onslaught:

Oracle Team USA members continue to make comment about the New Zealand team in the social media with CEO Russell Coutts posting: Dalts,....there's no need to make any more excuses about how hard it is to win the AC. We all know you've been trying your best for the past 11years. Jimmy wants to see you back onboard. Please don't leave.

And in mid-April: Dalton predicting the next event, with smaller boats and less crew will cost the same and inferring he has no billionaire backers?? Really?? Poor Dalts! Unfortunately he's already announced the TNZ budget was 180m NZD (very similar to OTUSA) and given salaries are 50-60% of the overall cost it is pretty obvious why he would be trying to inflate the costs as much as possible!!

More comments from Russell Coutts can be seen here

Last Friday his skipper Jimmy Spithill also weighed in maybe reacting to the high profile that Team New Zealand and the America's Cup enjoys in the New Zealand media - where it regularly appears in prime time news:

While one team continues to be negative, its great to see ALL the other teams being proactive and working together to make the next America's Cup: The Best Yet.

And:

Dalts is an awesome Grinder definitely better than Winston Mcfarlane....... Dalts,....there's no need to make any more excuses about how hard it is to win the AC. We all know you've been trying your best for the past 11years. Jimmy wants to see you back onboard. Please don't leave.

More comments from Jimmy Spithill can be seen here

On both pages expand the 'Comments' to see more responses.

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