Grant Dalton, Emirates Team New Zealand ceo, addresses the on-going speculation regarding the venue for the 37th America’s Cup.
So today, being five months since we won the 36th Americas Cup and just one month from the Venue Announcement of the 37th America’s Cup – I think it’s a good time for an update.
I’ve heard it said that: ‘Emirates Team New Zealand would be better losing the 37th America’s Cup in New Zealand, than winning it offshore.’ Of course these are comments that come from outside the team and one expects from people with some sort of vested interest. I still find it astonishing that anyone would expect such a team as ours to set themselves up to lose.
You will have read several weeks ago of an offer by a private investor to financially help the team. To date, with time ticking, I have only had one conversation with him and no proposal. All that we are in possession of is an elaborate flow chart showing a complex but typical investment banking structured deal, through which tax can be minimised as the Crown and the private investor’s money flows through to a company owned and controlled by him. This structure is also based on the questionable premise that the Royal New Zealand Yacht Squadron’s status as a not-for-profit organisation would also be utilised. Emirates Team New Zealand and America’s Cup Event will have no part in any such tax structures and we are also extremely concerned that control over the team and the event would ultimately rest with private investors who have played no part in the achievements of the current team.
In the only conversation or communication I have had with this private investor he expressed confidence that the Government would significantly increase their cash contribution to the team and the event for the 37th America’s Cup, but we have not been privy to these discussions so have no view on whether that might happen. However, we have already said that given the current climate in which we all live, we accepted that the Government and Council’s offer was both final and made in good faith.
We need to remain hopeful that there is still a chance (albeit small), that a successful Defence is held in New Zealand. As part of continuing negotiations we have provided a draft Host Venue Agreement (HVA) to the Crown several weeks ago and are awaiting feedback. Finding the money for the event is crucial but the contractual aspects of accepting and advancing that money is of equal importance.
For the full piece, see: https://emirates-team-new-zealand.americascup.com/en/news/529_UPDATE-FROM-GRANT-DALTON.html