Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Team NZ needs a stronger governance structure if it wants to be considered for additional sponsorship, Economic Development Minister Stephen Joyce says.
The team only had two directors at the start of the last America’s Cup, but that whittled to one when director and Queen’s Counsel Jim Farmer had to resign to participate in a safety review.
The review involved the Artemis incident where a sailor died.
Mr Joyce, speaking to the Paul Henry Show last night, says five or six directors is more appropriate and must include one or two the Crown has endorsed. Dean Barker and Grant Dalton are aware of this demand, he says.
In October Mr Joyce pledged $5 million in interim funding and is waiting for a formal application from the team for the next cup bid.
It’s unclear the role many will play for Team NZ in the future, including Mr Dalton.
Mr Joyce says the team is looking at making a few changes, including a new technology partner and a stronger management structure.
Mr Joyce says he has not seen audited financial statements of how Team NZ spends sponsorship money, nor has that been a requirement. He does not know how much Mr Dalton or Mr Barker are paid.
He says he measures the value New Zealand gets based on its investment in the team, not how the team spends its money.
The government is not an expert in yachting, Mr Joyce says.
When the agreement was set up with Team NZ, it specified how much money the government would contribute, not team expenses and salaries.
Mr Joyce has previously said the government will evaluate the benefits to the New Zealand economy after its $36 million investment in the last America's Cup.
Those findings are expected in March.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- MARKET CLOSE: Shares fall, led by Metro Glass; Spark, Fletcher sold in offshore exodus
- Bob Jones ejected from Air NZ flight as fellow passengers applaud
- Economy to grow at 3% through to 2017, driving jobs growth: NZIER
- Financial forecast error plants doubt in potential investors' minds
- Westland Milk affirms 2015 payout, sees increase to $5.60-$6 for 2016