Team New Zealand finds funds to see out year

Last updated 05:04 22/06/2014

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Team New Zealand board director Sir Stephen Tindall claims the America's Cup syndicate now has the money to carry on through the end of the year.

Last weekend the Team NZ boss Grant Dalton said he had raised $6 million over the previous seven days, but still faced a potential shortfall of $3m before the month was out to remain in the America's Cup.

A week on, board director Tindall says the total amount has been found in time to meet a $3m entry fee deadline."We've got enough money to get through to the end of the year, we're getting more and more comfortable that we are going to be able to get through and we haven't made any decision on when any announcements would be made."

The development could mean government will now commit more public money to the next America's Cup campaign.

Economic Development Minister Steven Joyce had previously said, in the short-term, the government was prepared to pump in around another $2m of public money - once Team NZ had secured themselves through commercial sponsors.

Since then, however, Prime Minster John Key said he believed public interest in the sailing event was dropping off.

It was also claimed yesterday that Dalton was pulling down a $2m salary from his position as Team NZ boss during 2013.

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- Sunday Star Times

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