Team NZ Secure America’s Cup Funding Boost

Team New Zealand has been boosted by an extra $5m in government funding which has been provided in an effort to stop crew members leaving for the America’s Cup.

The payment has been described as an interim fee by the country’s Economic Development Minister Steven Joyce.

Team NZ will need to decide whether they can mount a challenge in three years before the government reveals how much more they are willing to contribute.

Joyce said: “The 2013 America’s Cup was a great demonstration of the talent and innovation that New Zealand holds within its marine and technology sectors.

“It also provides for a very high profile for New Zealand expertise and innovation in the world’s largest economy – we are keen to retain the knowledge and skills of the team for a further challenge, should that prove feasible.”

Joyce claimed the $5m funding would retain key team members until May 2014, giving Team NZ the time to finalise their decisions.

“It won’t be possible for them to finalise their involvement until such time as they know key elements of the regatta, including where and when it will be held,” he said.

“The government will assess its further involvement based on a strong business case from the team and the benefits our involvement would bring to New Zealand.”