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.

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