NZ hints at America’s Cup funding

The New Zealand government is likely to provide further financial support for Team New Zealand to challenge for the America’s Cup.

Economic development minister Steven Joyce told a welcome home ceremony for Team New Zealand on Auckland’s waterfront Friday “this country and this Government stands ready to be part of the next America’s Cup challenge.”

New Zealand taxpayers paid US$36 million towards the cost of the sailing team’s recent unsuccessful challenge on San Francisco Bay. New Zealand led 8-1 before losing 9-8 to Team USA.

Joyce said he had told Team New Zealand managing director Grant Dalton to “work on a proposal and we’ll help you out with it.”