NZ freezes Cup funding

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July 3, 2020

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NZ freezes Cup funding

Source: Shanghai Daily | 00:29 UTC+8 July 3, 2020 |

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New Zealand’s government said yesterday it would halt public funding for the body organizing next year’s America’s Cup pending the outcome of an investigation into “financial and structural matters.” The government and the Auckland Council this week launched a probe into allegations about financial mismanagement at America’s Cup Events, which will run the event on behalf of the holder Team New Zealand. No further payments would be made to ACE while the investigation was carried out, Iain Cossar, general manager tourism, ministry of business, innovation and employment, said in a statement. “This will be revisited pending the outcome of the process.” The investigation comes as Team New Zealand, which will defend the 169-year-old sailing trophy in Auckland next year, blamed “informants” for spreading “highly defamatory and inaccurate” allegations about the organization. TNZ Chief Executive Grant Dalton said on Wednesday the body had reported an alleged email scam to police after TNZ transferred money to a fraudulent Hungarian bank account.

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NZ freezes Cup funding

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