READER REPORT:

America's Cup 'an investment' in NZ

LEIGHTON BARR
Last updated 05:00 21/07/2013
team nz

EXPOSURE: Team New Zealand is showing itself to be a great ambassador for New Zealand.

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We've asked our readers to give their views on the Government's $36 million investment in the America's Cup, and whether it's money well spent.

I personally think it's fine the Goverment invested $36 million on the America's Cup.

The key word is "invested" so success depends what outcome you want from your investment. In this case I believe the Government is looking at the huge economic benefit. The reality is New Zealand has already recouped that money plus more due to the fact that these boats (even Oracle's) and parts cost over $100 million and almost all of these were built in Auckland.

The other thing that can't be ignored is exposure on the world stage you can't buy that. Team New Zealand is showing itself to be a great ambassador for New Zealand and is promoting New Zealand to no ends with the backing of the major sponsors (Louis Vuitton especially wants the Cup back in New Zealand). If they win the economic windfall for Auckland/New Zealand will be huge.

I don't believe that you can compare the America's Cup to other sports that require funding. I am not saying they don't deserve it but "investment" and "funding" (as in the surf lifesaving example) are completely different so I don't believe this money would have ever been made available for any other reason than an investment or money-making venture.

For all those people who disagree, put yourself in these shoes: you realise you have an extra $10,000, would you give it all to the Red Cross or St Johns who could make good use of it or would you invest it bank it buy shares or spend it on something that benefits you? Not so easy when the shoes on the other foot is it?


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