Other Sport

Team NZ gets funding boost after America's Cup win

2017-07-03 09:30
America's Cup (Gallo Images)

Wellington - The New Zealand government announced $3.7 million in funding Monday to help the country's America's Cup-winning yachting team retain key personnel after their victory. 

Prime Minister Bill English said the money would help keep together the Team New Zealand syndicate that claimed yachting's oldest trophy last week with a crushing 8-1 win over Oracle Team USA in Bermuda. 

While the syndicate is a private entity, English said a contribution of public funds was appropriate given the next regatta in 2021 was likely to be held in Auckland. 

"We are in boots-and-all in the sense that this is a big event, it will be great for New Zealand and government has a role in supporting major events," he told commercial radio. 

"But we are not holding out an open cheque book for Team New Zealand to get whatever they want." 

Economic Development Minister Simon Bridges said that when New Zealand hosted the America's Cup in 2000 and 2003 it generated about half a billion dollars each time for the local economy. 

"This investment of $3.7 million will go some way towards protecting the valuable intellectual property, experience and skills that rest with key team members," he said. 

"While the location for the 36th America's Cup has not been decided yet, we do know that hosting a regatta in New Zealand has the potential to generate significant economic benefits."

Read more on:    america's cup  |  yachting

WWE set to take SA by storm

2017-12-11 08:58

What To Read Next


Read News24’s Comments Policy

Live Video Streaming
Video Highlights
Sport Talk

Live scoring

Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...

Sport24 on Twitter

Follow Sport24 news on Twitter


The 2017/18 Absa Premiership season is under way. Can Bidvest Wits defend their title? Will Soweto giants Kaizer Chiefs or Orlando Pirates emerge victorious? Or will the bookies' favourites, Mamelodi Sundowns, taste success for a record eighth time? Stay glued to Sport24 to find out!

Latest blogs

Floyd 'Money' Mayweather v Conor 'The Notorious' McGregor ... who've you got in Saturday's mega fight?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

There are new stories on the homepage. Click here to see them.