Claims That Oracle Racing Subsidiary Will Receive $13M Government Grant Debunked

Claims that a New Zealand subsidiary of Oracle Racing is to receive a NZ$17.25M ($13M) government grant "have been debunked," with the company saying it is likely taxpayer funding will be "much less," according to Tim Hunter of STUFF. In a statement issued on Thursday, the company said its grant "began last July" and it had received NZ$252,000 ($191,100) so far. Oracle said in the statement, "Our forecast R&D claim is far less than the capped amount." It remains unclear how the reports of a NZ$17.25M grant emerged, "but it quickly triggered outrage, with the Taxpayers Union labelling it 'sickening.'" Oracle Racing, owned by multibillionaire Larry Ellison, is the holder of the America's Cup after claiming it in '10 with victory in Valencia, Spain, over Alinghi. Oracle Team USA then beat Team New Zealand in San Francisco in '13. There is no restriction on Callaghan Innovation grants "being given to overseas owned companies, provided the R&D takes place in New Zealand" (STUFF, 4/23).