Team NZ boost
October 22, 2013, Tuesday
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Print Edition
Print Edition
Defeated challenger Team New Zealand will receive US$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 8-9 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 yesterday, when economic development minister Steven Joyce said the government would provide US$5 million in “bridging” finance to ensure the team could pay staff — including sailors and designers — until May 2014.
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