STAYING AFLOAT
Government’s $5m boost for Team NZ
The Government has put an early $5 million envelope on the table so Team New Zealand can retain its talent.
The early funding boost is similar to what the Government provided in the immediate aftermath of the disastrous 2013 America’s Cup Challenge, to give Team New Zealand breathing space while it worked to secure funding for its next bid.
It was a ‘‘no-strings’’ commitment, however the Government’s resolve to be more involved in a defence, given the likelihood it would be held, at least in part, on New Zealand waters appeared far stronger than four years ago.
Economic Development Minister Simon Bridges and Sports and Recreation Minister Jonathan Coleman made the announcement after yesterday’s Cabinet meeting, saying the money would allow Team New Zealand to keep hold of its key staff, despite rival syndicates with deeper pockets circling.
‘‘Team New Zealand displayed incredible talent and innovation during the 35th America’s Cup campaign,’’ said Bridges.
‘‘This investment of $5 million will go some way towards protecting the valuable intellectual property, experience and skills that rest with key team members.’’
Planning for the defence was still in preliminary stages, and it was not yet a given that the 2021 event would even be held in New Zealand.
The Government would be keen to see that happen however, with Bridges saying that hosting a regatta in New Zealand ‘‘has the potential to generate significant economic benefits’’.
‘‘The America’s Cup regattas hosted in New Zealand in 2000 and 2003 had a significant impact on the New Zealand economy generating around half-a-billion dollars of total value added per regatta, particularly in the marine and tourism sectors.
‘‘New Zealand Trade and Enterprise also held a successful business leverage programme at the 34th America’s Cup in San Francisco in 2013, which generated trade and investment deals for New Zealand worth $200m and a further $120m of new sales opportunities and investor interest.’’
Prime Minister Bill English said the Government would look to discuss the team’s plans once they had arrived back in New Zealand.
"... certainly, we are working on the assumption that [the finals] will be here." Prime Minister Bill English
‘‘As we look ahead, the America’s Cup is one of these large events that the Government would work to support in any case as we would Cricket World Cup [or] Rugby World Cup.’’
An Auckland-held finals series was the preferred option for Team New Zealand, said English, who also expressed the view that any funding should be conditional on a New Zealand-hosted event.
‘‘The defenders, as I understand it, have decided the finals will be here ... certainly, we are working on the assumption that they will be here.’’
Yesterday, Team New Zealand chief operations officer Kevin Shoebridge said much work had occurred to rebuild the team with young talent – including helmsman Peter Burling, 26, and Blair Tuke, 27.
Holding on to team’s star sailors and crew was vital to the success of a cup defence.
‘‘Everyone has worked so hard together as a team to finally win this thing, I think they will be more than motivated to keep that group together to try and defend it,’’ he said.