CUP MILESTONES

June 27, 2017 Team NZ wins 35th America’s Cup.

July 6, 2017 Team NZ welcomed back to Auckland.

March 26, 2018 Agreement reached to set up team bases for the 36th America’s Cup on waterfront near the Wynard Quarter at a cost of $212 million.

The Government agrees to pay

$114m, including Team NZ’s $ 40m hosting fee. Auckland Council agrees to pay $98.5m. December 4, 2018 The Government agrees to provide a further

$14.5m, taking its total funding up to $136.5m. It says the cup won’t go ahead without the extra funding. Auckland Council later agrees to increase its funding to $113m.

This takes the total government and council funding to $250m. Separately, Auckland Council is spending $ 100m to spruce up the waterfront. June 13, 2020 Auckland Council earmarks an extra $20m spending to support the America’s Cup regatta.

June 22 A confidential June 22 letter written by MBIE and the Auckland Council is sent to Team NZ, raisings allegations around the handling of public money, the operation of the cup itself and worries about public safety.

June 29 Team NZ chief executive Grant Dalton tells the Mike Hosking Breakfast Show he fired an alleged spy, who leaked confidential information.

June 30 The Herald obtains a copy of the June 22 letter in which the Government made a thinly veiled threat to withhold the next tranche of taxpayer money to Team NZ. Team NZ denies any wrongdoing, and reveals it lost a substantial amount of money to scammers in Hungary. It denies the lost money was taxpayer money.

Yesterday The Government says it will stop making further payments to cup organisers as it investigates claims over the spending of public money. To date,

$29m of the Government’s promised $ 40m has been paid to Team NZ subsidiary America’s Cup Event.

ACE and Team NZ launch an injunction against the Herald and NewstalkZB in the High Court to stop publication of details of a report commissioned by the Crown into the spending of public money.