Talks flowing on cup

Govt and Team NZ hold talks on possible use of public money for future America's Cup challenge

4 March 2003
Discussions are being held between Team New Zealand and the Government about the financial side of a future challenge for the America's Cup.

Prime Minister Helen Clark has made it clear the Government would be unwilling to use public money to help Team New Zealand, if the business community does not also come on board to support another challenge.

She says discussions are underway between America's Cup Minister Trevor Mallard and Team New Zealand. However the Prime Minister says the Government would be looking for an indication that there would also be strong interest from corporate sponsors.

Auckland's Chamber of Commerce is also warning business to come to the party.

The kiwi syndicate is thought to be toying with the idea of bringing a big overseas backer on board.

Chief executive, Michael Barnett, says New Zealand business would be the loser if that were allowed to happen.

He says it would be a lost opportunity to expand export markets.

© 2010 NZCity, IRN