The three parties announced on Wednesday that Team New Zealand, the New Zealand government and Auckland city authorities had failed to agree to host the next America’s Cup, in which TNZ will be the defending champion.
Despite its name, Team New Zealand is a private organization and is not obligated to organize in New Zealand to defend its title in the prestigious sailing competition, the next edition of which is due to take place in 2024.
Team New Zealand said in a statement that “the three parties worked through these talks in good faith… but were unable to reach an agreement after the three-month period of exclusive negotiations.”
New Zealand’s minister in charge of the dossier Stuart Nash said the government had made a “generous offer” of NZ$99 million (about €58 million), “but in the end the cut from America is still a business process,” and lamented.
New Zealand media claimed that Team New Zealand wanted at least double that amount.
This means that regattas can be held in places other than New Zealand waters, unlike three times TNZ has had to defend its title so far, the last in March against Italian Luna Rossa (win 7-3).
The British Isle of Wight, Valencia (Spain) and Dubai (UAE), are especially expected, even if no official announcement has been made.
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