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New Zealand Government Provides $5m For American’s cup

With an intention of building another campaign for the world’s oldest sporting trophy, New Zealand’s government gave a NZ$5 million to the New Zealand Team America’s cup syndicate because their top design and sailing personnel were about to get poached. The holders Oracle Team The United States of America beated team new Zealand who was again backed by Larry Ellison, a software billionaire in a take away final race which took place in San Francisco Bay the previous month. The Oracle Team USA captured nation’s imagination of providing a valuable exposure. Good network possibilities were also provided by them to the local businesses.

It is mentioned by the syndicate head G. Dalton & the skipper of the team Dean barker mentioned that the rival syndicates approached the key design & the sailing personnel after a long time of the race for which a good amount of fund was to be arranged quickly to keep the team intact and ready to face the future challenges. The Economic Development minister gave a statement that the government of New Zealand sat on a cabinet meeting and agreed to put forward around $5 million for the Team Zealand so that it is ensured that the support crew, designers, administrative staff and sailors are kept secured at least till 2014 May. Within this time the authorities would take a decision about the involvement of the team in the future regatta.

The format of the next regatta which is supposed to be held in 2016 will be determined by the Australian Hamilton Island Yacht Club (HIYC) which is again owned by the wine tycoon who is also a sailing enthusiast Bob Oatley. He has also been proved to be the Challenger of Record. During 2007, before sponsors were arranged to present the lock up talent amount, the government promised to provide NZ$10 million for the challenge that the New Zealand team had to face. The estimation was around NZ$120 million but the government eventually contributed NZ$36 million for it.

Joyce added to his statement by saying that the government is always willing to act as a sponsors but an economic analysis of the 2013 regatta will be conducted first.