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NZ government offers funding to Team New Zealand

October 21, 2013

WELLINGTON, New Zealand (AP) — Defeated challenger Team New Zealand will receive $5 million in government funding to stay afloat until it decides whether it will challenge again for the America’s Cup.

Team New Zealand led 8-1 before losing 9-8 to Cup-holder Team USA on San Francisco Bay in the most-recent contest for sailing’s oldest trophy.

The New Zealand syndicate’s future had been uncertain until Monday, when economic development minister Steven Joyce said the government would provide $5 million in “bridging” finance to ensure the team could pay staff — including sailors and designers — until May, 2014.

New Zealand taxpayers contributed $36 million toward the cost of New Zealand’s last campaign. Joyce said the government was “keen to retain the knowledge and skills of the team for a further challenge, should that prove feasible.”

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