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SBD Global/March 28, 2014/Finance

NZ Government Declares NZ$36M Used To Fund America's Cup Had Positive Impact

The New Zealand Government said that the NZ$36M of "taxpayer money used to send Team New Zealand to the America's Cup has been recovered more than twice over," according to Richard Meadows of FAIRFAX NZ NEWS. NZ Economic Development Minister Steven Joyce released an "independent report into the 'direct and indirect benefits'" of entering the regatta. Joyce: "From a NZ$36 million taxpayer investment, the evaluation shows an estimated positive impact of NZ$87 million to the New Zealand economy." Of the campaign's funding, 66% came from int'l sources "including sponsors, meeting the Government's requirement" to find NZ$2 for every NZ$1 of "State support." The report said that NZ$153M, representing 85% of the "total campaign budget, was spent in New Zealand." Joyce added that one of the "key benefits was the boost to New Zealand's profile in international media over the 55 days of racing" (FAIRFAX NZ NEWS, 3/27).
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