Team NZ fund­ing boost af­ter Amer­ica’s Cup win

Kuwait Times - - SPORTS -

WELLING­TON: The New Zealand gov­ern­ment an­nounced NZ$5.0 mil­lion ($3.7 mil­lion) in fund­ing yes­ter­day to help the coun­try’s Amer­ica’s Cup-win­ning yacht­ing team re­tain key per­son­nel af­ter their vic­tory. Prime Min­is­ter Bill English said the money would help keep to­gether the Team New Zealand syn­di­cate that claimed yacht­ing’s old­est tro­phy last week with a crush­ing 8-1 win over Or­a­cle Team USA in Ber­muda. While the syn­di­cate is a pri­vate en­tity, English said a con­tri­bu­tion of pub­lic funds was ap­pro­pri­ate given the next re­gatta in 2021 was likely to be held in Auck­land.

“We are in boots-and-all in the sense that this is a big event, it will be great for New Zealand and gov­ern­ment has a role in sup­port­ing ma­jor events,” he told com­mer­cial ra­dio.

“But we are not hold­ing out an open cheque book for Team New Zealand to get what­ever they want.” Eco­nomic Devel­op­ment Min­is­ter Si­mon Bridges said that when New Zealand hosted the Amer­ica’s Cup in 2000 and 2003 it gen­er­ated about half a bil­lion dol­lars each time for the lo­cal econ­omy. “This in­vest­ment of NZ$5.0 mil­lion will go some way to­wards pro­tect­ing the valu­able in­tel­lec­tual prop­erty, ex­pe­ri­ence and skills that rest with key team mem­bers,” he said.

“While the location for the 36th Amer­ica’s Cup has not been de­cided yet, we do know that host­ing a re­gatta in New Zealand has the po­ten­tial to gen­er­ate sig­nif­i­cant eco­nomic ben­e­fits.”

New Zealand’s bud­get for the 2017 Amer­ica’s Cup was re­port­edly up to NZ$150 mil­lion. — AFP

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.