NZ Government puts up starter $5 million to America's Cup defence By Stacey Kirk.

The Government has put an early $5 million envelope on the table so Team New Zealand can retain its talent. 

The early funding boost is similar to what the Government provided in the immediate aftermath of the disastrous 2013 America's Cup Challenge, to give TNZ breathing space while it worked to secure funding for its next bid. 

It was a “no-strings” commitment, however the Government's resolve to be more involved in a defence, given the likelihood it would be held at least in part, on New Zealand waters appeared to be far stronger than four years ago. 

Economic Development Minister Simon Bridges and Sports and Recreation Minister Jonathan Coleman made the announcement following Monday's Cabinet meeting, saying it would allow Team New Zealand to keep hold of its key staff, despite rival syndicates with deeper pockets circling. 

Read the full story and watch the video here.

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