America’s Cup 2021: $ 5 million government pledge is a ‘drop in the bucket’

The government funding promise of $ 5 million for the New Zealand team has been described as a “drop in the bucket” of what it would take to hold the America’s Cup champions together and secure another defense in New Zealand.

The minister responsible for the America’s Cup, Stuart Nash, announced shortly after Wednesday’s successful defense that the government would provide seed funding of $ 5 million to help ensure that team members were not kidnapped by rival syndicates collected.

But a mug whistleblower told the Herald yesterday that much more would be needed from the government both to retain the intellectual property of the key union, including both the navigation crew and members of the design and technology team, as well as to ensure that the next defense will sail in New Zealand. waters.

The source said the figure would approach the “$ 50 million” mark.

They said the promise of seed money was a “mere drop in the bucket” of what it would take, adding: “That’s just a good night for [Sir James] Radcliffe … it’s peanuts. “

Radcliffe owns failed rivals Team Ineos UK; the union reported that it is in talks with the New Zealand team for a two-team America’s Cup match next year off the coast of the Isle of Wight.

“Basically he has the resources to pay Team NZ to do that race and put them in a financial position so they can then defend the cup next round if Team NZ win, presumably in Auckland.”

Finance Minister Grant Robertson said yesterday that he believed many New Zealanders wanted the America’s Cup venue to stay here.

When asked how far the government was willing to go to keep the America’s Cup in New Zealand, Robertson replied: “What we have to do now is get into the discussions that might be expected.”

He did not want to discuss whether the government is willing to match rivals’ offers to host the Cup.

“Those are discussions for another day.”

When asked if the previous investments had been worth it for the 2021 defense, given that the borders were closed, Robertson said: “Clearly, from a national pride point of view, I certainly think it is worth it. And it continues as well. being an event where we get a lot of economic benefits, for example in the shipbuilding industry, designers, innovators.

“Obviously we couldn’t have as many international viewers as we would have liked, but from the government’s perspective, our biggest investment this time was in facilities and I believe those facilities at Wynyard Quarter will be a legacy for generations.”

Auckland City Council and the Government provided $ 249.5 million in combined funding for the 36th America’s Cup. The government share amounted to $ 136.5 million for construction, the event fee, and commercial and base-related costs.

Meanwhile, the man behind the America’s Cup’s stunning streaming graphics, Animation Research’s Sir Ian Taylor, has offered support for the Cup’s defense to be run overseas.

He told Newstalk ZB that if it was held overseas, it would put the team’s cutting-edge technology really on the world map.

He said there wasn’t much coverage of the 36th America’s Cup in the likes of The Guardian or the New York Times.

“I think we have to step back and ask ourselves what is best for New Zealand,” he said.

“Do we benefit simply by keeping it here and everyone who huddles on the shores, or could we benefit more if we take that valuable intellectual property that has been created and one of the fastest ships ever built and put it on the world stage where it can wait? 10-12 teams to respond.

“I think it is possibly a better return on any investment.”