sail-world.com
 
 
News Home Cruising Photo Gallery Video Gallery
Sail-World.com : America's Cup: NZ Govt backs Team NZ with limited funding
America's Cup: NZ Govt backs Team NZ with limited funding


'Emirates Team NZ, Leg 1, Race 1 34th America’s Cup September 7, 2013'    Richard Gladwell ©    Click Here to view large photo

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.

Emirates Team New Zealand welcome home event in Auckland. Minister of Economic development Steven Joyce announces the governments support for the team to continue on to AC35. 4/10/2013 -  Chris Cameron-ETNZ©   Click Here to view large photo
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 Challenge.

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.


by Richard Gladwell

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=115929

4:40 AM Mon 21 Oct 2013GMT


Click here for printer friendly version
Click here to send us feedback or comments about this story.

Click for further information on
2016-2017 America's Cup

Related News Stories:

21 Oct 2013  America's Cup: Emirates Team NZ comments on funds injection
07 Oct 2013  America's Cup 35 - Challengers of Record first press conference
06 Oct 2013  35th America’s Cup - Names to look for as teams start assembling
02 Oct 2013  America's Cup: Dean Barker interviewed on Campbell Live
02 Oct 2013  America's Cup: Emirates Team NZ pleased to have Aussies on board
02 Oct 2013  America's Cup: Hamilton Island confirmed as next Challenger of Record
02 Oct 2013  America's Cup: Hamilton Island Yacht Club confirmed as Challenger
02 Oct 2013  A toast to Robert Oatley






News - USA and the World







































International Moth Worlds: Rashley ahead as Aussies close in by Mark Jardine / YachtsandYachting.com,




















International Moth Worlds - Mothballed on day 4 + Video by Mark Jardine / YachtsandYachting.com,




Gladwell's Line: A change of direction needed in the America's Cup *Feature by Richard Gladwell/Sail-World.com/nz,




Red Bull 49erFX: First look at the Olympic sailing venue at Rio
Fuerteventura Kiteboarding Grand Slam - Classic conditions on day 3
NYYC Race Week Part II images by Rolex/Daniel Forster
Drowning or electric shock? What you need to know to help save a life
BIC Techno 293 Worlds 2014 - Day 1
Six Metre European Championship - Blazing sunshine on opening day
National Sailing Hall of Fame to present Lifetime Achievement Award
International Moth Worlds: Greenhalgh and Rashley tied at the top
PWA Pozo World Cup - Fantastic finale determines winners
Six Metre Class British Open Championship - Llanoria and Valhalla win
Anna Tunnicliffe set to compete at the CrossFit Games
America's Cup: Oracle Team USA holds foiling camp at Wangi SC
Volvo Ocean Race: Abu Dhabi OR completes double Atlantic crossing
Volvo Ocean Race: Team SCA has a 'pull through day' off the Canaries
No tiller sailing - how to steer using just the sails + Video
International Moth Worlds: Three bullets in a row for Greenhalgh
U.S. Junior Women’s Singlehanded Championship - Sophia Reineke wins
BIC Techno 293 Worlds 2014 - Day 0 Opening
Fuerteventura World Cup - Slalom action highlights day 2
2014 Governor's Cup - Sam Gilmour of RFBYC victorious again
Farr 40 West Coast Champ - Skipper Alberto Rossi leads Enfant Terrible   
Flying Dutchman World Championships - Magyars are the Masters   
Final day shakes up standings at Cape Panwa Hotel Phuket Raceweek   
2014 -15 Volvo Ocean Race: Team Alvimedica pushing towards Southampton   
NYYC Race Week - Saving the best for last   
VX One North American Championship - Chris Alexander commands   
2014 Cape Panwa Hotel Phuket Raceweek - Waiting game on Day 3   
International Moth Worlds: Thunderstorms delay racing on Day 1   
Fuerteventura World Cup - Impressive tricks on day 1   
2014 Governor's Cup - Two former winners in the finals   
America's Cup: Iain Murray explains reasons for Australian withdrawal *Feature   
Wilson and Roble remain number one match racers in U.S.   
2014 ISAF Youth Match Racing World Championship - Set to start   
PWA Pozo World Cup - Moreno twins dominate home spot   
ISAF Youth Worlds - Record breaking regatta in Tavira + Video   
Melges 32 European Championship - Robertissima remains out front   
Farr 40 West Coast Championship - Italians take one-point lead   
Melges 32 European Championship - Day 3 images by Carlo Borlenghi   
New York Yacht Club Race Week - Marstrom 32 fleet off to anxious start   
Melges 32 European Championship - Day 3 images by Max Ranchi   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW US
LocalAds   DE  ES  FR  IT