Government “bridge” funding for Team New Zealand’s America’s Cup campaign

The New Zealand government has agreed to provide NZ$ 5 million (US $ 4.1 million) to Team New Zealand while the team evaluates if they can mount another campaign. The investment means that key staff can be retained until at least May 2014. Economic Development Minister Steven Joyce was clearly happy with the return on the government’s NZ$ 36 million sponsorship of the team in the 2013 America’s Cup, pointing to the demonstration of New Zealand’s talent and innovation and the attention gained in the US market for New Zealand’s marine, technology and tourism sectors.

Following the exceptionally warm welcome the team received on their return from San Francisco, General Manager Grant Dalton and Skipper Dean Barker committed to staying with the team. Dalton said, “The extent of the enthusiastic reception when we arrived back in New Zealand was both unexpected and encouraging and an incentive to challenge again. We have been talking informally to existing and potential sponsors. We will begin to develop a business plan and sponsorship proposals so that we can start calling on them from next month.”

Dalton said the team, and sponsors, looked forward to the announcement of the rules for the 35th America’s Cup early in the New Year.