What follows is the point New Zealand CEO Grant Dalton made today, one month – he says, and so everything is going in that direction – from announcing where the next America’s Cup will be held. Scheduled for 2024, once the premise is no longer – As Ben Ainsley himself, head of the Ineos UK team said – the individual trust between Kiwis and the British in one year exists. In the New Zealand team, the bowls don’t seem to have stopped yet, and from Dalton’s words there is still a slim chance that Kieland will be defended. The message is very clear: it depends on government money. Meanwhile, from the US, news arrives that American Magic has hired Scott Ferguson (formerly Oracle) as design coordinator to build the upcoming boat. Skipper Terry Hutchinson says that based on the dialogue between Defender and Challenge of Record “we believe we have a solid idea of what we need to design and build to win the 37th America’s Cup.” (Fabio Pozzo)
Today, August 17, 2021, it’s been five months since we won the 36th America’s Cup, and just one month after it was announced that it will host the 37th America’s Cup, I think it’s time for a refresh.
I’ve heard: “It would be better for Emirates New Zealand to lose the 37th America’s Cup in New Zealand than to win it elsewhere.” Obviously these are the comments that are coming from outside the team and from people who are expected to have some sort of earned interest. I still find it amazing that someone would expect a team like ours to prepare to lose.
Several weeks ago, you may have read an offer from a private investor to help the team financially. So far, as time has gone by, I’ve only had a conversation with this investor and haven’t found proposals. All we have is a detailed flowchart showing a complex but typical arrangement of structured investment banks, in which taxes can be minimized as the crown and private investor’s money flows through a corporation owned and controlled by the same investor. This structure is also based on the questionable premise that the status of the Royal New Zealand Yachting Squadron as a non-profit organization will also be used. Emirates Team New Zealand and the America’s Cup event will have no role in such tax structures and we are very concerned that control of the team and event will ultimately fall to private investors who played no role in our team’s results.
The role of the kiwi government
In the only conversation or contact I have had with this private investor, the investor has expressed confidence that the government will significantly increase its contribution to the team and to the 37th America’s Cup event, but we are unaware of these discussions and therefore have no insight. whether this could happen. However, we have already said that, given the present climate in which we all live, we have accepted that the proposal of the Government and the Council was final and made in good faith.
We must hope that there is still a chance (albeit small) for a successful defense in New Zealand. As part of the ongoing negotiations, the Crown provided us with a draft Host Venue Agreement (HVA) several weeks ago and we are awaiting comments. Finding the money for the event is critical, but the contractual aspects of accepting and paying that money are just as important.
In the meantime, we worked on analyzing the pros and cons of other selected countries. We have received a large number of expressions of interest, which have now been reduced to three. The increased opportunities that appear to present themselves will allow the Emirates team in New Zealand to retain all key personnel and create a winning defense, as well as improve the image of the most successful America’s Cup team in history. The goal is steadfastly the “three peat, which has never happened before.”
Meanwhile, the drafting of the Protocol is proceeding at a rapid pace. Together with Challenger of Record, we can promise an innovative protocol that addresses diversity in sports, sustainability, youth, and cost control to help improve entry numbers, but that’s for another day.
From the team’s perspective, we’ve completed a very comprehensive and detailed review of the latest campaign. In fact, the way to think about it is that the analysis was more comprehensive than even after the defeat in San Francisco (2013, ed.). You may be wondering, why did I win? And in fact this is the answer, because we won. Repeating the campaign in the same way would be tantamount to asking for defeat: not only will other teams catch up with us, but in reality they will outsmart us. Among the many recommendations that were included from the outset, to continue to boldly push the boundaries in design, innovation and performance, the need to improve our Match Racing experience was identified as well, and over the next three years we expect to see each other more effective. that space.
Therefore, the venue will be announced soon and soon after will come the protocol that will allow teams to plan their strategies to try to win the oldest trophy in international sport.
In conclusion, it is good for American Magic to recover and to announce today a new Design Coordinator and thus begin their journey towards their challenge for the 37th America’s Cup.
* Chief Executive Officer of Emirates Team New Zealand
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