The numbers behind the America’s Cup venues saga as the dispute continues

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The New Zealand team presented the financial structure of the upcoming America’s Cup defense in an attempt to clarify what they describe as “some of the willful misrepresentation” by a group that wishes to keep it at. residence.

But businessman Mark Dunphy, who heads the Kiwi Home Defense group, said Team NZ’s post on the Royal New Zealand Yacht Squadron (RYNZS) website was “broadly biased and highly unacceptable”. He said there was no financial reason why the Cup couldn’t be hosted at home.

Team NZ has been embroiled in an acrimonious dispute with Kiwi Home Defense over where the 2024 America’s Cup is expected to take place and has provided a full update on the venues saga, among several other topics, to members of RNZYS.

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Having been unable to secure the required funding from the government, the NZ team would assess bids from Ireland, Spain, Saudi Arabia and another unnamed venue to host the 37th FIFA World Cup. ‘America.

The post on the RNZYS website said the overall budget for the event was $ 200 million, made up of $ 120 million for the team and $ 80 million for the event, and varies little depending on whether it takes place in Auckland or abroad.

The NZ team having pledged to raise $ 80 million of the total, accommodation costs are basically $ 120 million, varying slightly for costs overseas.

The NZ team said that the site selection process had never been about finding the ‘highest bidder’ and that to suggest, ‘as some have misrepresented and led many to believe’, was. completely incorrect “.

“The cost is the cost – these are the terms and conditions that vary depending on the cities we work with,” the post read.

Kiwi Home Defense pledged $ 40 million for a local regatta and in a statement on Monday, Dunphy suggested the budget omitted some event revenue, such as registration fees, event sponsorship, and revenue. televised. He said that with the $ 31 million pledged by the government, it was “entirely possible” to host the America’s Cup in Auckland.

However, what Team NZ said has been overlooked is the massive investment of “over $ 150 million” from Challenger of Record Luna Rossa and her backers to host this year’s event, which was exposed in their update.

“It should be noted that the event budget of $ 80 million is already considerably less (almost half) of what was spent in total for AC36 when you also consider the contribution that COR36 has made. to the event, ”the post said.

Businessman Mark Dunphy heads the Kiwi Home Defense group.

Wayne Drought / NZPA

Businessman Mark Dunphy heads the Kiwi Home Defense group.

“The AC36 event report clearly quotes COR36:” Prada and COR invested over NZD $ 150 million in the 36th America’s Cup, a significant percentage of which was spent on water and land operations and at the Race Village… ”

“This is obviously in addition to the $ 45 million ACE has also spent on the event. A vital composition of numbers that cherry pickers continue to overlook.”

Dunphy responded to this claim in a statement to Thing Tuesday, stating: “In their last letter they deduced that the $ 150 million spent by Prada in New Zealand in the last regatta showed how expensive the event was, but failed to mention that most of it was had been spent on this team’s challenge. “

In the Team NZ update, they point to a correspondence with Dunphy where he was apparently made aware of the budget information required for the upcoming America’s Cup.

While he and other parties have claimed funds for local defense were available, Team NZ said they were still $ 50 million short, assuming the government would re-commit to their offer.

“It’s not a small amount that can hopefully pop up at some point.”

Dunphy said communication with RNZYS members was “overall biased and very unacceptable”.

He insisted there was no financial reason why the Cup couldn’t be hosted at home.

“Sponsorship of the events themselves, challengers registration fees, rentals, TV revenues and other event revenues will well exceed $ 50 million, just as they did for the last few. Cup events, ”Dunphy said of the supposed deficit.

“If (Team New Zealand CEO) Grant Dalton and the squadron leaders spent half the time they spend packing those looking to host the Cup here to work themselves to host it here themselves we would already be planning the party.

“Which leaves just two big questions? Why is Grant Dalton so determined to take the America’s Cup offshore to Saudi Arabia or Ireland or anywhere other than here? And why the squadron leadership is she so willing to allow him to do it? “

The update came after a special meeting called by former NZ team manager Jim Farmer QC and 34 RNZYS members seeking to maintain the America’s Cup in Auckland was called off on Monday.

Team New Zealand still planned to brief RNZYS members at their annual meeting on Thursday.

Farmer submitted a response to the squadron, in which he said the money is clearly available for national defense.

When talks with Dunphy began in June, they were initially greeted with the hope and enthusiasm of Cup holders that it could lead to a positive outcome.

But given everything that has happened since then, including Dunphy threatening legal action against Team NZ, Dalton and the RNZYS, the post makes it clear that Team NZ will not be working with Dunphy or his associates.

“Perhaps the most tragic aspect of this vulgar saga is the detrimental effect and action exerted on the RNZYS and its members by Dunphy, Farmer and (Dr Hamish) Ross who endanger the very foundations of the old club. 150-year-old in a bid to strip ETNZ of its rights and the 30-year relationship that has seen 4 America’s Cup wins together, ”the post read.

“It is for these reasons that ETNZ will never be able to have a relationship with Mr. Dunphy or his associates, even if it were to magically find the funds to cover the real and full costs of organizing the event and of the defense of AC37. “

Farmer responded to this on Tuesday, saying that when he worked with Dalton from 2004 to 2013 as manager of Team NZ, Dalton had “shown a propensity to play the man rather than the ball when someone is not. agree with him or oppose what he wants., no matter how unwarranted it is.

“His attack on Mark Dunphy and Dr Hamish Ross in the so-called Update Article is a particularly bad example of this,” Farmer said.

“The claim that the $ 200 million he says needed is not available in New Zealand is nonsense.

“The reality is that he’s probably looking for more, maybe a lot more than that. At this point, his only real offshore option appears to be Jeddah in Saudi Arabia. Bringing the event to a country known for its appalling human rights violations , including daily public executions, suppression of women’s rights, support for terrorist activities, etc. under the banner of her country – Team New Zealand, Royal New Zealand Yacht Squadron – will be a shameful act.


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