Confirmation Of Funding For Celebration Of The 37th America’s Cup In Tāmaki Makaurau

Kiwi Home Defence has today written to the General Committee of the Royal New Zealand Yacht Squadron and the Trustees of The Team New Zealand Trust to increase our firm commitment from $20 million to $40 million to support Team New Zealand for the 2024 defence of the America’s Cup at home in Auckland.

The $40 million comprises the $20 million from the personal private interests of Mark Dunphy and his associates announced on 14 September and a further $20 million of funding proposed today which is being fully underwritten by Kiwi Home Defence on account of prospective donors.

Kiwi Home Defence considers that, with the additional commitment we are making today, the Royal New Zealand Yacht Squadron and Team New Zealand will have sufficient funding to stage a fully funded and competitive defence of the America’s Cup at home in Auckland.

“We have reviewed the publicly available financial information from the staging of our tremendous Cup defence earlier this year along with the summary information provided to us by Team New Zealand representatives. It is our understanding from this review that the actual shortfall for a home defence is $40 million, not the $80 million which had been advised, and our proposal today fully bridges the shortfall.

“Kiwi Home Defence considers that the defence of the America’s Cup in 2024 can, should and must be held here at home in Tāmaki Makaurau. Our letter demonstrates that the required funding is available to support the Cup defence at home,” Mark Dunphy Kiwi Home Defence Spokesperson said.

“The 2024 America’s Cup defence provides a magnificent opportunity to announce our country is back and open for business as the Covid 19 pandemic recedes. This superb event, with its huge global audience, would be very beneficial for re-establishing New Zealand’s international linkages and visibility. It will also maximize the return on the significant investment New Zealand taxpayers and Auckland Council have made in the legacy infrastructure built for AC36”, Mr Dunphy continued.

“We have been working tirelessly to ensure a successful home defence can be staged since the Commodore of the RNZYS asked on 1 June that we seek to arrange funding. We have been successful in that mission and we now invite Team New Zealand and the Royal New Zealand Yacht Squadron to consider our proposals in the positive and constructive way they are made. We are passionate supporters of Team New Zealand and its sailors, designers, boat builders and shore crew.

“Team NZ advised at our first meeting that $120 Million is the funding required for the Team.

“Team NZ has said it is committed to funding $80 million from commercial sponsorships and private donors. This leaves a balance of $40 million to be committed to fully fund Team New Zealand. Today, we are making a firm commitment to provide the additional $40 million for the Team.

“Our updated funding proposal assumes that the Crown and Auckland Council will be invited back to the table to support the staging of the event, and that their offer of cash (NZ$31 million) and in-kind support (NZ$68 million) stands.

“Time is of the essence for the smooth planning of, and preparation for, the AC37 defence in March 2024. Through the Trustees, and with the involvement of the RNZYS, Kiwi Home Defence now seeks a meeting as early as possible with TNZ for the parties to expedite matters and make arrangements for the defence to proceed in Auckland” Mr Dunphy concluded.

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