Team New Zealand and Ministry of Business Innovation & Employment settle America s Cup dispute
22 Dec, 2020 03:43 AM
3 minutes to read
NZ Herald
Correction: A report in the New Zealand Herald on December 23 incorrectly stated the Government contributed taxpayer funds towards Team New Zealand for the America s Cup campaign totalling more than $100 million, as well as $40 million to America s Cup Event Ltd to run the international regatta. This is incorrect. The Government is spending $136.5 million on the America s Cup. The Government s total spend includes a host fee of $40 million, which was given in tranches to organisers America s Cup Event Ltd, as well as more than $20 million to infrastructure on Auckland s waterfront. The Government gave Team NZ $5m in 2017 soon after it won the Cup in Bermuda. We apologise for the error.
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ETNZ and ACE settle dispute with NZ government department 22 December 2020
Media release issued by MBIE on December 22, 2020:
New Zealand s Ministry of Business, Innovation and Employment (MBIE),the Defender of the America s Cup Emirates Team New Zealand (ETNZ) and America s Cup Event Limited (ACE), the body set up by ETNZ to run the events, have met today in a mediation setting to resolve issues regarding whether the creation of the Class Rule for the America’s Cup was an Event Cost under the Host Venue Agreement.
We regret the manner in which this issue has played out in the public arena and the detrimental reputational impact of the process on ETNZ and ACE, its directors and the teams.