Govt lobs $5M in America’s Cup kitty

Mon, 21 Oct 2013

Oct. 21 (BusinessDesk) – The government will make an initial $5 million payment to help Emirates Team New Zealand retain key crew members ahead of a decision on whether to mount another bid for The America’s Cup. Economic Development Minister Steven Joyce announced the contribution after Cabinet today, comparing it to the $10 million granted in similar circumstances by the last Labour-led government for an earlier bid, and revealing Team NZ had asked for $6.5 million. Whether further government support was forthcoming depended on whether a c...

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