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 edition of the South American Sailing Cup.
Team New Zealand is the current champion of the prestigious competition.
Despite its name, Team New Zealand is a private organization and is under no obligation to host the America’s Cup in New Zealand. The next version is scheduled for 2024.
The New Zealand team said in a statement that “the three parties worked through these talks with good intentions… but were unable to reach an agreement at the end of the negotiations” that lasted three months.
The New Zealand minister in charge of the matter, Stuart Nash, announced that the government had made a “generous offer” of NZ$99 million (about €58 million, $70.3 million), “but in the end the America’s Cup is a commercial operation”.
The New Zealand press claimed that Team New Zealand wanted at least twice that amount.
This means the races can take place elsewhere outside of New Zealand, unlike the other three times Team New Zealand have had to defend their title.
The most recent was in March of this year against the Italians, Luna Rossa (win 7-3).
The British Isle of Wight, Valencia (Spain) or Dubai (UAE) appear to be potential alternatives, although no official announcement has been made in this regard.
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