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Team NZ finds private funds for next America’s Cup — for now

Team New Zealand says it has enough funding to mount a challenge for the 35th America’s Cup – for now.

Chairman Keith Turner says the assistance of Sir Stephen Tindall, Matteo de Nora and other private donors and sponsors means it will not need government funding until later this year.

The government’s investment into Team NZ’s last failed campaign was $36 million.

The team’s financial woes have been a hot topic as it reportedly scrambled to find $11 million to see it through to the end of February.

Economic Development Minister Steven Joyce won’t reveal Team New Zealand’s salaries, paid by the taxpayer’s $5 million bridging funding, saying they’re confidential. In a recent poll, 75% of NBR member subscribers polled said the figures should be released.

Over the weekend the NZ Herald reported Team NZ boss Grant Dalton was on about $2 million a year during the last America's Cup campaign.

Last week, NBR ONLINE delved into the property holdings, worth millions of dollars, of Mr Dalton and skipper Dean Barker.

The announcement was welcomed by Mr Joyce who says it will instead be submitting a revised sponsorship proposal alongside those to its private sector sponsors in the coming weeks.

“The government will consider that proposal in due course before making any decisions on future investment.”

An independent evaluation released in March this year showed a positive impact of $87 million on the New Zealand economy.

Comments and questions
4

Priceless - hoping it'll all die down

Why does an old man get glory rides + is paid more than all bar 7 CEO's in NZ?

Zero performance based pay here - its all about attendance.

Needs a real team otherwise Tourism NZ better to buy lotto tickets on better odds

Agreed...

These guys need to have the pay packages adjusted, with at least 50% based on performance. Given they say they can win it, its time to put their money where their mouth is.

One doubts these two guys would be picked up by other syndicates. Its time the board became more objective for pay.

Don't rate Steven Joyce or his dinosaur department (MBIE), but good on him for not being blackmailed by these guys and calling their bluff.

Good to see others step up. Happy for the government to consider supporting next year when other sponsors are being negotiated with, but they did more than their share with the first $5m.

I would suggest a condition of any government funding is that at least $5m is left in the bank to cover the post cup period. This is the third or fourth time this crises has happened, when will they learn. hopefully the new board will show some business skills to not run the business into the ground everytime.

Needs a real board - managing an ego team of athletes, offshore, media skills, performance management, etc. Sorry - but dont see that there

Get some Mongrels on the Board & on the Boat - put ourselves in danger of winning. Spithill must be wetting himself laughing twice a day.

This has to be last roll of the dice - please step up + get it right!!!

No more participation certificates please - they are free on the internet