Team New Zealand declines offer to host America’s Cup defence in Auckland
A joint bid by the New Zealand Government and Auckland Council to host the nation’s defence of the America’s Cup has been declined by the Board of Team New Zealand.
As a result, Team New Zealand's quest to win the historic America's Cup for a third consecutive time is likely to be hosted in an overseas location.
With the overseas after an impasse in hosting rights negotiations.
New Zealand Minister for Economic and Regional Development and Minister for Tourism, Stuart Nash this morning confirmed that the New Zealand Government's exclusive window to negotiate a deal for hosting the sailing regatta, due to be held in 2025, had closed without an agreement.
The winners of each event, in this case Team New Zealand from the Royal New Zealand Yacht Squadron (RNZYS), can choose where to hold their defence.
After winning the 2017 race, RNYZS struck a multi-million dollar deal with the New Zealand Government and Auckland Council to host its defence in the city of sails.
However, the RNZYS is understood to be seeking an improved deal and is now looking at potential overseas locations.
Minister Nash advised “representatives of the Team New Zealand Board have informed the Crown-Council negotiators that the offer is not sufficient
“From tomorrow, Team New Zealand is now free to seek support from other partners.
“We want the next America’s Cup raced in New Zealand. Tens of thousands of diehard Kiwi fans who turned out to support the historic defence of the Cup in March want it raced in New Zealand. It is disappointing we were unable to reach agreement within the exclusive negotiation period.”
Taxpayer support to host the 2021 event in New Zealand has been reported to be about $250 million
The glamour and the tourism pull of each regatta has reportedly led RNYZS to believe hosting rights could be worth up to $1 billion - though such benefits were nullified by COVID-19 border restrictions.
Minister Nash said the New Zealand Government's 2025 hosting offer involved "cash and in-kind support worth around $99 million".
The New Zealand Herald has reported Team New Zealand wanted twice that figure.
Team New Zealand Chief Executive, Grant Dalton said the refusal of the bid came as "we must explore other opportunities to ensure we can put up another successful defence
"We certainly want to explore holding a regatta in Auckland and along with discussing the venue for AC37 with other nations, would like to work through that opportunity also.”
Minister Nash added “at the end of the day the America’s Cup is a global commercial operation. It is an international business as much as a sporting contest. The team is now free to look to commercial sponsors, private supporters, or other avenues to bankroll the operation.”
Team New Zealand are the two-time defending champions after beating Italian challengers Luna Rossa 7-3 in March.
No country outside the Unites States has won the coveted Cup, considered the pinnacle of sailing, more than twice.
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