Govt to invest $5m in Team New Zealand

The Government will invest $5 million in Emirates Team New Zealand to ensure it can retain key staff while planning is underway for the next America’s Cup regatta, Economic Development Minister Simon Bridges and Sports and Recreation Minister Jonathan Coleman announced today.

“Emirates Team New Zealand displayed incredible talent and innovation during the 35th America’s Cup campaign,” says Mr Bridges.

“This investment of $5 million will go some way towards protecting the valuable intellectual property, experience and skills that rest with key team members.

“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.

“The America’s Cup regattas hosted in New Zealand in 2000 and 2003 had a significant impact on the New Zealand economy generating around half a billion dollars of total value added per regatta, particularly in the marine and tourism sectors.

“New Zealand Trade and Enterprise also held a successful business leverage programme at the 34th America’s Cup in San Francisco in 2013 which generated trade and investment deals for New Zealand worth $200 million and a further $120 million of new sales opportunities and investor interest.”

“It’s great to have the America’s Cup back in Kiwi hands. I would like to congratulate chief executive Grant Dalton, helmsman Peter Burling, skipper Glen Ashby and the rest of the team, both on the boat and on shore,” says Dr Coleman.

“This win is an inspirational achievement and builds on our proud sailing heritage, and I’m confident it will help to inspire our next generation of yachties.”

“It’s great to have the America’s Cup racing its way back to Auckland following the team’s compelling win in Bermuda last week.”