America’s Cup: govt chips in $5m in bridging funding
The government is pledging $5 million to Team NZ before the team even makes a decision on its involvement in the next regatta.
Economic development minister Steven Joyce says the funding is to retain key designers, sailors, support crew and administrative staff until May 2014 when Team NZ is expected to make a decision about the next America’s Cup.
Mr Joyce says Team NZ cannot finalise its involvement until it know where and when it will be held.
He says the government will assess its further involvement based on a strong business case from the team, and the benefits involvement would bring for exporters and the New Zealand brand.
The previous government made an interim investment of $10 million after the 2007 America’s Cup regatta.
The government had given $36 million for this year’s failed America’s cup bid.
Mr Joyce had told supporters at the Team NZ welcome home celebration that the government wants to be part of the next America's Cup.