AC36: Kiwi government announces NZ$100 million (US$69m) budget for Cup infrastructure and event

AUCKLAND (#1016) – The Government will put NZ$100 million [US$69m] towards a "support package" for New Zealand's hosting of the America's Cup in 2021, it was announced during Thursday's Budget. Team New Zealand won the right to host sailing's blue riband event by beating Oracle Team USA in Bermuda last year. Following lengthy negotiations, Auckland was eventually confirmed as the host city in March after an agreement over the structure of the base village was reached by Team NZ, Auckland Council and the Government. At the time, Auckland mayor Phil Goff said the construction and related costs for the base layout at Wynyard Point would total $212m, with council contributing $98.5m. A statement from Team NZ said the Government's contribution would go towards the infrastructure and running of the regatta, and not to the team itself.

–Excerpt from an article up today (Friday in New Zealand) on the stuff.com.nz website. Read the full story here.