Team NZ in the trough

The Herald reports:

Team New Zealand appears set to receive funding from the Government again, well-placed sources have told the Herald.

The news comes as unconfirmed reports point to Auckland as the venue for the next America’s Cup qualifying series.

Economic Development Minister Steven Joyce refused to confirm the funding yesterday, but repeated his claim that if New Zealand was confirmed as a venue for the qualifiers “that would make us much more interested in sponsoring the team”.

America’s Cup organisers reportedly made that decision this week, telling teams but waiting until next month to make an official announcement. The delay is understood to be for the Government to finalise its funding. Team NZ has said it would struggle to mount a challenge without it.

However, the amount the Government will contribute to Team NZ’s America’s Cup bid will be “significantly less” than the $36 million Team NZ wanted, sources say.

How about $360,000?

We will not win the America’s Cup. The rules are fixed against challengers, and it is not a fair competition.

Sure it would be nice to have a qualifying series in NZ, but how much is that worth to our economy? Not $36 million or close to it I reckon.