By Nick Perry
America's Cup Village Ltd has been given access to another $5 million by its owner, Infrastructure Auckland.
The village has now been granted a total overdraft of $7 million by Infrastructure Auckland - on top of the $4 million the village originally budgeted for running costs.
The announcement comes just two days after the shock resignation of village chairman Lindsay Fergusson, who walked out 21/2 months before cup racing reaches its climax, citing outside work commitments.
Village spokeswoman Sue Foley said the investment of $85.7 million of Aucklanders' money in the village had not changed as it intended to pay back anything it borrowed.
She said no one had tried anything on the scale of the village before, so it was hard to predict the running costs.
An influx of superyachts next week would start bringing in more money.
Infrastructure Auckland said the money, if drawn down by the village, would attract an interest rate 0.5 per cent above the 90-day bill rate, cheaper than any bank could offer it.
The money should cover any shortfalls until racing was over.
Cup village offered $5 million extra
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