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Team NZ confident of cup challenge

Team New Zealand say they are confident of mounting a challenge at the next America’s Cup regatta after securing enough private funding to proceed to the next stage of a campaign.


The Americas Hic Cup 2Chairman Keith Turner says Team NZ – with assistance from businessmen and long-time supporters Sir Stephen Tindall and Matteo de Nora, and other parties – are now funded through to late this year.

That means the syndicate won’t need taxpayer money during this period.

Two weeks ago, chief executive Grant Dalton said the syndicate could run out of money at the end of the month and appealed for help from the NZ government.

“The funding support for the team that has coalesced over the past week means we can continue the design and engineering development, and keep racing, until main sponsorship funds begin to flow,” Dalton said on Wednesday.

The early entry period for submitting a notice of challenge closes on August 8.

Team New Zealand received $NZ36 million ($A33.51 million) in taxpayer money for the last America’s Cup and an independent evaluation showed a positive impact of $87 million to the New Zealand economy.

After the defeat to Oracle, the government gave $5 million of interim funding for a seven-month period while the syndicate decided whether to challenge again.

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