Italian America's Cup challenger Luna Rossa confirmed a "massive" NZ$109M ($80M) sponsorship for the next event, according to Duncan Johnstone of STUFF. The €65M ($80M) sponsorship comes from fashion house Prada, the team's long-term supporter, and will be paid over four installments through '21, when the event is scheduled to be raced in Auckland. The sponsorship confirms the "level of intent from the Italians who are the challenger of record, working alongside America's Cup holders Emirates Team New Zealand to shape the 36th edition of the regatta." In a statement, Prada said, "The sponsorship of Luna Rossa's participation in the America's Cup is in line with the company's communication strategy to promote the Prada name and brand. The company has taken into account many factors, including the size of the competition and the expected amount of press coverage of the competition, which will attract massive attention all around the world and tremendous press coverage from both the traditional ones and the new technologies media" (STUFF, 1/23). The NEW ZEALAND HERALD reported the sponsorship is "likely to be one of the biggest" for the Auckland event which will be decided in the waters of the Hauraki Gulf in '21. The figure does not include Prada's sponsorship of the Cup proper or the Prada Challenger Series, which will bring the total to "well over" NZ$150M ($110.3M) (NZ HERALD, 1/23).
