NZ freezes Cup funding
Print Edition
New Zealand鈥檚 government said yesterday it would halt public funding for the body organizing next year鈥檚 America鈥檚 Cup pending the outcome of an investigation into 鈥渇inancial and structural matters.鈥 The government and the Auckland Council this week launched a probe into allegations about financial mismanagement at America鈥檚 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. 鈥淭his will be revisited pending the outcome of the process.鈥 The investigation comes as Team New Zealand, which will defend the 169-year-old sailing trophy in Auckland next year, blamed 鈥渋nformants鈥 for spreading 鈥渉ighly defamatory and inaccurate鈥 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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