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SBD Global/October 1, 2013/Finance
Team New Zealand Starts $1M Fundraising Effort To Finance Next America's Cup
Published October 1, 2013
KIM DOTCOM INTERESTED: The EFE reported millionaire entrepreneur Kim Dotcom, a New Zealand resident, "has agreed to give financial help so that Team NZ will be able to participate in the 35th edition of the America's Cup." The New Zealand team's future "is uncertain after its recent defeat, and a debate has been opened in New Zealand, but the government is maintaining its silence about possible financing of Team NZ for future editions of the events." The government's NZ$26M ($22M) contribution for the last America's Cup "was unanimously approved by New Zealand's Parliament," but now New Zealand PM John Key "is indicating that there are doubts about the benefit of government contribution, and no decision has been made." Dotcom said, "Whether the government gives its support or not, I am going to economically back Team New Zealand. If Key says there will be no more funds for the team, my business will become a Team New Zealand sponsor and I am sure that we will win the next America's Cup. I have not even talked with Team NZ, but I believe there is nothing better than being associated with this team" (EFE, 9/30).