America's Cup 2024: MPs from both sides slam Team NZ over Barcelona decision

The Deputy Prime Minister says he is disappointed despite hundreds of millions of dollars invested Team New Zealand chose Barcelona over Auckland for its defence, and that it's clear "commercial imperatives rule the day".

And the deputy leader of the Opposition has also hit out at the snub, saying it puts a question mark over any future investments in the event.

The yachting syndicate today announced Barcelona officially as the next venue of the America's Cup, replacing Auckland of hosting duties for the 2024 event.

Emirates Team New Zealand and the Royal New Zealand Yacht Squadron made the announcement overnight, confirming the 37th running of the event to be held in September and October of 2024.

Team New Zealand successfully defended the Auld Mug last year with a 7-3 victory over Luna Rossa and then rejected a $99 million bid from the New Zealand Government and Auckland Council to host the next America's Cup, meaning the event looked likely to be hosted abroad.

This came after the Government had invested $136.5m in the previous defence, alongside $250m from Auckland Council.

A cost-benefit report last year found the New Zealand economy was left $293 million worse off.

Grant Robertson, who is also Sports Minister, said he believed the Government had put in a "credible offer" alongside previous investments.

"I am disappointed. I think a lot of New Zealanders will be really disappointed. We have invested a lot, provided a lot of support, and feel a lot of loyalty.

"But unfortunately commercial imperatives appear to be the things that rule here."

Robertson said "obviously" the 2021 event, hampered by Covid-19, had not seen the benefits expected.

Tourism Minister Stuart Nash said he was "disappointed but not surprised" the bid was turned down.

"This is no longer a sporting event, it's a global business proposition actually."

He said previous investments were "not a waste of money" but in the end it was all about business.

"We put up our best offer, it was rejected. They went offshore.

"They are still Team New Zealand and like I said, we'll look to leverage off the Team New Zealand brand."

National Party deputy leader Nicola Willis said it appeared the Government had done all it could and Team New Zealand still walked away.

"It puts question marks around future investments. New Zealanders want to see New Zealanders benefiting."

Barcelona was picked from a four-city shortlist that included fellow Spanish city Malaga, Jeddah in Saudi Arabia and Ireland's Cork.