Team NZ gets funding boost after America's Cup win

Published Jul. 3, 2017 12:53 a.m. ET

WELLINGTON, New Zealand (AP) Team New Zealand will receive $5 million from taxpayers to allow it to retain key personnel in the immediate aftermath of its America's Cup win over Oracle Team USA in Bermuda.

Prime Minister Bill English said the government would support the team ''boots and all'' as it began preparations to defend the oldest trophy in sailing. But he said Team New Zealand could not expect an open checkbook and would have to find additional funding.

Economic development minister Simon Bridges said America's Cup defenses in 2000 and 2003 showed hosting the Cup has the potential to generate significant economic benefits for New Zealand.

He said the interim funding announced Monday would allow the team to secure intellectual property ''and the skills that rest with key team members.''